After 10 months of deliberating, shareholders approved a deal Tuesday to allow Sirius Satellite Radio Inc. to acquire its rival XM Satellite Radio Holdings Inc. for around $5 billion.
But it ain’t over yet, Stern fans as they are still waiting on regulatory approval from Washington, where the Department of Justice and the Federal Communications Commission must grant approval. And those guys are d*cks!
Some consumer groups have opposed the merger, claiming it would create a monopoly that could hurt consumers. Yet the satellite companies say the deal will offer pricing and programming options. Sirius and XM argue that satellite radio now faces more competition for listeners since the boom in digital listening devices like Apple Inc.'s iPod, Internet radio and cell phones that can play music.
What’s amazing to me is that it takes 10 months to decide if two satellite radio networks can merge, yet only about six week to decide if we should go to war with Iraq. And only about six minutes to decide if Clear Channel and Rupert Murdoch can buy everything in sight and create the biggest monopolies in the free world!
CNN.com: Shareholders Okay Satellite Takeover