XM and Sirius: FCC Breaks Satellite Hearts
Jack Kapica writes on The Globe and Mail:
The rumoured radio romance involving a merger of Sirius and XM appears to be over.More here.
The competing satellite radio companies saw their shares plunge after Kevin Martin, chairman of the U.S. Federal Communications Commission, cut the flirtation short by announcing Wednesday Afternoon that "There is a prohibition on one entity owning both of these businesses. The ban was written in 1997 when the companies were licensed."
In reaction, shares tumbled by 6.99 pert cent for Sirius Satellite Radio Inc. and by 9.86 per cent for XM Satellite Radio Holdings Inc.
The stocks of both companies had plunged more than 40 per cent last year, resulting in talks between them of creating a merged entity.
posted by Fergie @ 1/17/2007 05:57:00 PM
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