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Sirius Satellite Radio, Inc. provides satellite radio services in the United States. It offers commercial-free music channels that provide a selection of music genres, such as rock, pop, hip-hop, country, dance, jazz, Latin, and classical; and channels of sports, news, talk, entertainment, traffic, weather, and data content. As of December 31, 2006, the company offered a programming lineup of 69 channels of commercial-free music; 54 channels of sports, news, talk, and entertainment; and 11 channels of traffic and weather, as well as informational data services. It also had 6,024,555 subscribers. In addition, the company sells radios and accessories for use in cars, trucks, homes, offices, boats, or other locations primarily through automakers, consumer electronics retailers, and mobile audio dealers, as well as through its Web site. Further, it provides SIRIUS Internet Radio, an Internet service offering a CD-quality, Internet-only version of its service. The company was founded as Satellite CD Radio, Inc. in 1990 and changed its name to CD Radio, Inc. in 1992. Further, the company changed its name to Sirius Satellite Radio, Inc. in 1999. Sirius Satellite Radio is headquartered in New York, New York.
Shares were up 0.73% as FCC Seeks Comment on Proposed XM-Sirius Radio Merger.
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After 3 1/2 months of industry lobbying, congressional hearings and intensive Wall Street analysis, the public will have a chance to weigh in on whether it thinks the proposed merger of the nation's only two satellite radio companies is a good idea.
The Federal Communications Commission issued a public notice Friday June 8, 2007 seeking comment on the proposed merger of licensees Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc.
The FCC will decide whether it is in the public interest for both licenses to be controlled by a single company.
The merger, valued at $4.7 billion when it was announced on Feb. 19, is also subject to approval by the Department of Justice, which will examine any competitive harm that may result from the combination.
The acceptance of the applications for filing starts an informal "shot clock" at the FCC, which tries to finish its review of mergers within 180 days. That would put a decision potentially sometime in December.
The merger faces some steep challenges.
To succeed, the Department of Justice will have to decide that the combination of the only two companies in the satellite radio business will somehow not be considered anticompetitive.
The FCC will have to decide whether to allow the companies to break a condition of the licenses that made the business possible 10 years ago.
The agency, at the time, said one licensee will "not be permitted to acquire control" of the other. The clause was inserted to ensure "sufficient continuing competition" in the new business.
Lawyers, lobbyists and executives for Sirius and XM have said the market has changed since 1997 -- that competition extends beyond satellite radio and includes all forms of "audio entertainment," including Apple iPods, digital "high definition" radio and even cell phones.
Consumer groups have generally opposed the merger. Opposition from the National Association of Broadcasters has been relentless.
The FCC says that interested parties must file initial comments by July 9. Replies to comments are due by July 24. Comments may be filed via e-mail and should include docket number 07-57.
As the saying goes...follow the money!
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