Sirius, XM Satellite in Merger Talks
robfest2
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http://www.smartmoney.com/bn/smw/index.cfm?story=20070219110623
XM Satellite Radio Holdings Inc. (XMSR) and rival Sirius Satellite Radio Inc. (SIRI) are expected to announce their long-awaited merger Monday, the New York Post reported in its online edition, citing a source familiar with the deal.
The two sides were locked in negotiations over the weekend trying to hammer out a final agreement, the newspaper reported, citing the same, unnamed source.
Talks were still going on and the deal could fall apart at any time, the New York Post said.
With antitrust issues of paramount importance, the newspaper cited its source as saying lawyers for both companies were working overtime to fine-tune the language of the agreement and frame the discussion around the deal itself and not regulatory concerns.
According to the New York Post's source, XM Chairman Gary Parsons would retain his title in the combined entity, with Sirius' Mel Karmazin likely taking the chief executive role, the newspaper said. It is unclear what role, if any, XM CEO Hugh Panero would play, according to the report.
Washington-based XM ended the third quarter with 7.19 million subscribers, while New York-based Sirius ended with 5.1 million. A merger would join Sirius content, such as Howard Stern, Frank Sinatra and Nascar, with XM's Oprah Winfrey, Bob Dylan and Major League Baseball.
XM Satellite Radio Holdings Inc. (XMSR) and rival Sirius Satellite Radio Inc. (SIRI) are expected to announce their long-awaited merger Monday, the New York Post reported in its online edition, citing a source familiar with the deal.
The two sides were locked in negotiations over the weekend trying to hammer out a final agreement, the newspaper reported, citing the same, unnamed source.
Talks were still going on and the deal could fall apart at any time, the New York Post said.
With antitrust issues of paramount importance, the newspaper cited its source as saying lawyers for both companies were working overtime to fine-tune the language of the agreement and frame the discussion around the deal itself and not regulatory concerns.
According to the New York Post's source, XM Chairman Gary Parsons would retain his title in the combined entity, with Sirius' Mel Karmazin likely taking the chief executive role, the newspaper said. It is unclear what role, if any, XM CEO Hugh Panero would play, according to the report.
Washington-based XM ended the third quarter with 7.19 million subscribers, while New York-based Sirius ended with 5.1 million. A merger would join Sirius content, such as Howard Stern, Frank Sinatra and Nascar, with XM's Oprah Winfrey, Bob Dylan and Major League Baseball.
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Comments
Hopefully, if this happens, it goes in to effect soon. I want baseball!
Do you have Sirius?
I just hope they don't charge more :(
how do you feel about the merger talks?
Why do you prefer XM?
I like the channels better. That and they have MLB.
Don't get me wrong, Sirius is pretty cool too...i just prefer XM.
will be VERY interesting to say the least!
I'm a Sirius subscriber for NFL, Stern and English Premier League football (soccer).
~Michael Bolton