FCC Approves XM-Sirius Merger

Commissioner Deborah Taylor Tate casts the tie-breaking vote.
Author:
Publish date:

Sirius Satellite Radio (SIRI) - Get Report and XM Satellite Radio (XMSR) at long last have received regulatory approval for their merger.

The Federal Communications Commission gave the union a green light late Friday after Commissioner Deborah Taylor Tate voted to approve it, breaking what had been a 2-2 tie, according to published media reports.

Tate's blessing came only after the companies agreed this week to pay a total of $19.7 million to the government for violations of FCC rules, according to the

Associated Press

.

The commission's approval was widely expected after Chairman Kevin Martin

confirmed Thursday

that an agreement in principle had been reached.

The FCC's decision ends a 13-month review process, during which consumer groups and traditional radio operators had lobbied hard against the merger. Sirius and XM have contended that their merger will generate significant cost savings and give subscribers more programming choices.

Shares of Sirius finished Friday down 17 cents at $2.25, while XM stock lost 42 cents to close at $9.28.

This article was written by a staff member of TheStreet.com.