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The same Jim Cramer that told everybody to keep their money in Bear Stearns?
I forgot about that. I think both will get major attention. Besides, Jim and Robin won't say anything personal anyways. She will keep the lid on that stuff.
The same Jim Cramer that told everybody to keep their money in Bear Stearns?
Hmm...now maybe my stock will finally go up!
My parents have Sirius stock as well... how much do you predict this merger is going to affect stock prices?
not enough to affect the people that bought a ton once Stern came over. Sirius is a $4 stock at best
XM41-The Boneyard
$4? interesting... Not much of a change from where it is now
So what happens now...I have both Sirius (home) and XM in my car...do they amalgamate the channels and kick off the redundant ones....confused.
I like O and A and love Howard....so do we get them both.
it will be awhile before we notice anything. the FCC still has to approve it
UPDATE:
FCC head backs Sirius-XM deal
Chairman Kevin Martin is recommending the $5 billion deal in exchange for concessions.
June 16, 2008: 3:54 AM EDT
WASHINGTON (AP) -- The chairman of the Federal Communications Commission is recommending approval of the $5 billion merger between the nation's two satellite radio broadcasters in exchange for concessions that include turning over 24 channels to noncommercial and minority programming, The Associated Press has learned.
That condition - along with others, including a three-year price freeze for consumers - convinced FCC Chairman Kevin Martin on Sunday to recommend approval for Sirius Satellite Radio Inc.'s (SIRI) buyout of rival XM Satellite Radio Holdings Inc (XMSR). The deal affects millions of subscribers who pay to hear music, news, sports and talk programming, largely free from advertising, in homes and vehicles.
Martin's recommendation sets the stage for a final vote on the closely watched merger, which could occur any time after his recommendation is circulated among his fellow commissioners.
The other four commissioners have, for the most part, kept their views on the deal to themselves. Unlike most FCC decisions, there is no clear indication on how the vote will go.
The proposed merger has been in a holding pattern during an FCC approval process that has gone on for more than a year.
Martin said the conditions will make the combination of the two companies good for consumers.
"As I've indicated before, this is an unusual situation," Martin said in a statement. "I am recommending that with the voluntary commitments they (the companies) have offered, on balance, this transaction would be in the public interest."
The companies also agreed to an "open radio" standard, meant to create compe ion among manufacturers of satellite radios, according to FCC officials who spoke on condition of anonymity because the agreement has not yet been made public.
Other conditions are similar to promises made by Sirius CEO Mel Karmazin last year.
They include a three-year freeze on prices and packages that include programs from both services, including a so-called "a la carte" offering that would be available within three months of the close of the deal.
The FCC's analysis has gone on twice as long as the agency prefers in merger reviews, largely because the XM-Sirius deal faces a special hurdle.
To ensure compe ion, the FCC prohibited the merger of the only two license holders when it created the industry in 1997.
Martin is recommending approval despite intense opposition from the land-based radio industry and most consumer groups, who say the deal will create a monopoly.
The buyout was approved by the Justice Department in March.
The satellite radio deal has drawn an unusual amount of scrutiny from Capitol Hill, where the National Association of Broadcasters has fought an expensive advertising and lobbying campaign to block approval.
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.
Karmazin has pledged that the combined company will offer pricing plans ranging from $6.99 per month for 50 channels offered by one service, up to $16.99 a month, where subscribers would keep their existing service plus choose channels offered by the other service.
Karmazin also said he will allow customers to choose and pay for only the channels they want. The "a la carte" option will require new radios, the companies have said.
In addition, the companies have pledged to offer radios that are capable of receiving both services within one year.
An "interoperable radio" requirement was part of the two providers' license agreement 11 years ago, but the companies have never brought one to market, a point regularly brought up by merger opponents.
The thorniest part of the negotiations was over how much radio spectrum the companies would turn over to noncommercial and minority broadcasters.
The companies agreed to turn over 8% of their satellite capacity, which works out to 12 channels apiece for noncommercial programmers and for those who have "not been traditionally represented" in radio, according to Martin.
The details on how this system would work have yet to be worked out, according to FCC officials.
Both companies have lost money each year since they launched their satellites, but have not said the merger was necessary to keep them afloat.
Washington-based XM has about 9 million subscribers while New York City-based Sirius has about 8.3 million subscribers.
Find this article at:
http://money.cnn.com/2008/06/16/tech...=ib_topstories
Glad I waited to get one since the ala carte option will require a new radio.
That is ing ridiculous. It has taken way too long for this merger to get done and for them to have to set aside 24 channels for non profit organizations is stupid. What special consessions did Exxon and Mobile have to make in order for them to merge?
This ing government is being run by lobbiests and it makes me ing sick.
I wonder how this development will affect stock prices
I think having the non-commercial and minority programming will bring extra listeners to the company at little cost to the new company. They were already talking about eliminating some repeat-style channels anyway.
Don't get me wrong, I do agree this has been far too drawn out at the behest of the NAB and others.
And as far as Exxon/Mobil goes, there were other oil companies out there. There aren't other satellite radio providers.
Hmm, I sit corrected about the minority programming.
Apparently, there was lobbying from organizations like Rainbow/PUSH to dedicate 20 percent to noncommerical/minority.
Yeah but satellite radio isn't a necessity like gas is.
It is if you're a truck driver.
I put my Sirius in even if I'm delivering a load next door. I'm not kidding either. I'm addicted.
I agree, I worked at XM
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