News for 'SIRI' - (DJ XM Responds To Broadcast Assoc Criticism Of
Sirius
Deal)
DOW JONES NEWSWIRES
XM Satellite Radio Holdings Inc. (XMSR) on Monday responded to
National
Association of Broadcasters criticism of its planned merger with Sirius
Satellite Radio Inc. (SIRI), saying the terrestrial radio group fears
the
increased competition.
In a Securities and Exchange Commission filing, XM said it has
distributed and may continue to distribute its answers to NAB's
comments
about the merger.
For instance, in the filing XM claims NAB has said the Federal
Communications Commission prohibited the companies from merging because
that would damp competition and hurt consumers.
However, the FCC took that position a decade ago and market
conditions
have changed, with new technologies coming into the market, XM said in
the
filing.
XM and Sirius last month announced plans to merge, although the
transaction must clear regulatory hurdles first.
According to news reports, an XM spokesman also said former attorney
general John Gonzales, who wrote successor Alberto Gonzales to protest
the
planned merger, had offered his firm's consulting services to XM. NAB
later hired former attorney general John Ashcroft.
XM shares closed Monday at $13.47 each, down more than 3.6%. Sirius
shares closed at $3.37 each, off 5%.
-Greg Wright, Dow Jones Newswires; 202-862-3546;
gregory.wright@dowjones.com
(END) Dow Jones Newswires March 05, 2007 18:24 ET (23:24 GMT)
Copyright (c) 2007 Dow Jones & Company, Inc.- - 06 24 PM EST 03-05-07
Source: DJ Broad Tape |
