TheStreet.com TV Recap: XM, Sirius Are Buys

As Sirius (SIRI Quote) and XM (XMSR Quote) jockey to get their proposed merger approved, both stocks are buys, said Jim Cramer on Wednesday afternoon.

On CNBC's Stop Trading!, Cramer said a merger will allow the combined company to raise prices and to stop wasting money bidding against each other for on-air talent. "I just think it's great," he said. He notes that he prefers Sirius, but that XM also looks good here.

On the regulatory approval side of the equation, Cramer expanded on the deal's prospects on Wednesday's edition of Wall St. Confidential video on TheStreet.com TV.

Cramer said Kevin Martin, the chairman of the Federal Communications Commission, "has greenlighted this deal even though he's been subtly saying it needs regulatory approval," Cramer said. But it does not need approval from the anticompetitive side because of both free radio and, more importantly, Apple's (AAPL Quote) iPod product, which people can use to listen to music in the car, he explained. ...