Satellite Radio merger loosing ground
05-24-07, 09:34 AM
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Satellite Radio merger loosing ground
By Amy Gilroy -- TWICE, 5/24/2007 9:21:00 AM
New York — Sirius Satellite Radio CEO Mel Karmazin told shareholders this morning that the Sirius/XM Satellite Radio merger is an “uphill battle.”
While stating that he continues to believe the merger merits approval by government regulators, Karmazin admitted that Wall Street estimates there is an “80 percent likelihood that the merger is not going to happen.”
Karmazin’s remark came one day after Senator Herb Kohl, the chairman of the Senate subcommittee on Antitrust, Competition Policy and Consumer Rights wrote a letter to the Justice Department and the Federal Communications Commission (FCC) stating that a Sirius/XM merger “would cause substantial harm to competition and consumers, would be contrary to antitrust law and not in the public interest, and therefore should be blocked by your agencies.”
New York — Sirius Satellite Radio CEO Mel Karmazin told shareholders this morning that the Sirius/XM Satellite Radio merger is an “uphill battle.”
While stating that he continues to believe the merger merits approval by government regulators, Karmazin admitted that Wall Street estimates there is an “80 percent likelihood that the merger is not going to happen.”
Karmazin’s remark came one day after Senator Herb Kohl, the chairman of the Senate subcommittee on Antitrust, Competition Policy and Consumer Rights wrote a letter to the Justice Department and the Federal Communications Commission (FCC) stating that a Sirius/XM merger “would cause substantial harm to competition and consumers, would be contrary to antitrust law and not in the public interest, and therefore should be blocked by your agencies.”
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