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XM Drops Spectrum Buy

Stock quotes in this article: XMSR , SIRI  

Cost-battered XM's (XMSR Quote) expansion strategy took a hit late Monday when the company ditched a radio spectrum deal.

The Washington, D.C., pay radio shop says it has ended a $196 million plan to acquire closely held WCS Wireless. XM blames regulatory delays for the termination of the deal.

"With the inability to obtain the necessary government approval for this transaction in a timely manner, WCS Wireless needed to pursue alternatives for its spectrum with greater certainty of regulatory approval," Chairman Gary Parsons said in a press release. ...

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