XM/Sirius get approval for merger.
WASHINGTON (AP) - The Justice Department approved Sirius Satellite Radio's $5 billion buyout of rival XM Satellite Radio on Monday, saying the deal was unlikely to hurt competition or consumers.
The deal was approved despite opposition from consumer groups and an intense lobbying campaign by the land-based radio industry.
The buyout received shareholder approval in November. The companies said the merger will save hundreds of millions of dollars in operating costs—savings that will ultimately benefit their customers.
At the risk of sounding like a total hypocrite, I am completely in favor of this move. It means I'll receive both MLB and NFL broadcasts, in addition to college football, Howard Stern, all kinds of great music channels....etc.
I just hope the merger doesn't result in an increase in price because there will be no competition. I imagine as some channels are eliminated or merged, it would keep the costs pretty low.
But, on the whole, this is an awesome development...for me.