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Technology Stocks : XM Satellite Radio Holdings Inc. (XMSR)
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To: HEXonX who wrote (3257)2/20/2007 8:51:49 AM
From: HEXonX  Read Replies (1) of 3386
 
News for 'SIRI' - (DJ FCC Chmn Martin: XM Radio-Sirius Merger Faces
High
Hurdle) (This article was originally published Monday.)
WASHINGTON (Dow Jones)--The chairman of the Federal Communications
Commission said Monday that the planned merger of satellite radio firms
Sirius Satellite Radio (SIRI) and XM Satellite Radio (XMSR) faces a
significant hurdle.
"Obviously the Commission will evaluate any transaction filed to make
a
determination whether or not approval would be in the public interest.
The
hurdle here, however, would be high as the Commission originally
prohibited one company from holding the only two satellite radio
licenses," Kevin J. Martin said in a statement.
After months of speculation that a deal was imminent, the two
companies
announced a $13 billion tie-up Monday, when the U.S. markets were
closed
in observance of the Presidents Day holiday.
The deal was presented as a merger of equals, and an all-stock
transaction with no cash element. The companies said in their statement
announcing the deal that they expected the merger to be completed by
the
end of the year.
The FCC was urged Monday by lawmakers and lobby groups to closely
scrutinize the proposed merger.
-By Corey Boles, Dow Jones Newswires; 202-862-6637;
corey.boles@dowjones.com

(END) Dow Jones Newswires February 20, 2007 07:30 ET (12:30 GMT)
Copyright (c) 2007 Dow Jones & Company, Inc.- - 07 30 AM EST
02-20-07Source: DJ Broad Tape
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