XM and Sirius still aiming to merge

| 5/5/2008

XM and Sirius have extended an agreement expressing their intention to merge while they continue to wait on the Federal Communications Commission to approve the proposal.

The boards of directors from XM Satellite Radio and Sirius Satellite Radio first voted in February 2007 to merge into one company worth $13 billion. The proposal required filing an application with the FCC, which has the final say.

When the XM-Sirius proposal did not appear on the FCC’s docket scheduled for May 14, the two companies decided to extend their intention to merge until an agreement is reached.

Approval from the FCC is all that stands in the way since the U.S. Department of Justice concluded in mid-March that a merger would not stand in the way of competition among broadcasting companies.