July 30, 2008 |
Sirius Satellite Radio Inc. completed its purchase of XM Satellite Radio Holdings Inc. in an all-stock takeover valued at $2.76 billion. Sirius shares dropped 30 cents, or 16%, to $1.58 on investor concern over new stock and debt offerings.
July 25, 2008 |
Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc. agreed to pay $19.7 million to resolve outstanding violations involving some of their radios and transmitters, clearing what appeared to be the final obstacle to regulatory approval of their long-pending $3.9-billion merger, a top federal official said Thursday. "I'm optimistic that now we got this issue out of the way we can move forward with an approval," said Kevin J. Martin, chairman of the Federal Communications Commission.
April 26, 2008 |
The proposed merger of Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc. was opposed by four states that say the combination of the only two pay radio companies poses a threat to competition. Connecticut, Maryland, Ohio and Washington urged the Federal Communications Commission to reject the merger in a letter signed by the four states' attorneys general and posted on the FCC's website. The FCC is unlikely to take up the matter by the May 1 expiration of the companies' merger agreement, which has already been extended, said Paul Gallant, an analyst at Stanford Washington Research Group.
March 12, 2008 |
Tribune Co., parent of the Los Angeles Times, Tuesday announced that it had hired radio veteran Lee Abrams as its first-ever chief innovation officer, "responsible for innovation across Tribune's publishing, broadcasting and interactive divisions." Abrams, 55, was senior vice president and chief creative officer at XM Satellite Radio Holdings Inc., where he developed shows featuring the likes of Bob Dylan, Snoop Dogg, Willie Nelson, Quincy Jones and Wynton Marsalis. In a long career, he helped pioneer FM radio's successful album-oriented rock format, in which stations would play a half-dozen or more songs from an album rather than just the one or two that had been released as singles.
February 27, 2008 |
Sirius Satellite Radio Inc. reported a narrower loss, even as it remained unclear when regulators might take action on its plans to combine with rival XM Satellite Radio Holdings Inc. Sirius and XM had hoped to close their deal by the end of last year, but it's still being reviewed by the Justice Department and the Federal Communications Commission. Sirius Chief Executive Mel Karmazin said the firm was prepared to go forward on its own in the event its combination with XM wasn't approved, saying the company is "fully funded" to continue business.
July 17, 2005
"Rivals, and Friends?" (July 10) was an interesting report on the satellite radio competitors Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc. One is dismayed, however, to find that one of the competitors has hired as chief executive an executive from vacuous TV whose entire career has been based upon foisting tasteless entertainment upon the masses. Mel Karmazin, formerly of Viacom Inc., gives meaning to the New York media expression, "No one ever got rich by overestimating the taste of the public."