XM-Sirius Pact Closer to Approval: Report

Federal Communications Commission Chairman Kevin Martin confirmed Thursday that an agreement in principle to approve the merger between Sirius Satellite Radio (SIRI Quote) and XM Satellite Radio (XMSR Quote) has been reached, according to a published report.

Martin said the commissioners are "still trying to work out the language," according to a report in The Wall Street Journal.

Republican commissioner Deborah Taylor Tate cast the third and final vote in favor of the deal a day ago, breaking what was a 2-2 tie, after both satellite companies agreed to several concessions involving enforcement issues. The majority vote in favor of clearing the union would end a 13-month review process. ...