Update: XM And Sirius Resolving Final Issues; Martin Says Agreement Reached
By Joseph Weisenthal - Thu 24 Jul 2008 06:01 AM PST
The conclusion of the XM-Sirius (NSDQ: SIRI) saga is playing out like the final 2 minutes of a close basketball game. All signs are that the deal will be approved. It was reported yesterday that the swing voter on the FCC, Deborah Taylor Tate, would approve the union, provided XM (NSDQ: XMSR) and Sirius agreed to some last minute enforcement actions, including a fine. Now the two companies have confirmed that they are in talks to settle these issues, including the fine ($17 million for XM, $2 million for Sirius). The companies warn that there’s still no guarantee, but the end is now looking very, very close. Release.
Update: Here’s what Kevin Martin told the WSJ: “I think it’s fair to say an agreement in principle has been reached… We’re still trying to work out the language.”
Posted in: Legal, FCC, Media, Satellite, VC+M&A, Mergers & Acquisitions
