XM/Sirius, FCC Have Tentative Deal
The commissioners of the Federal Communication Commission have reached a tentative deal to approve the merger of XM and Sirius Satellite Radio, the commission confirmed to the Wall Street Journal on Wednesday.
“Outstanding enforcement issues” remain, but approval would mean the end of the 17-month merger process.
The deal came together when Commissioner Deborah Taylor Tate agreed to cast the deciding “yes” vote, in exchange for the companies agreeing to pay more than $20 million in fines for past violations. XM and Sirius are expected to enter a consent decree, with XM paying $17.5 million and Sirius about $2 million.