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hex: if these two end up joining forces that should make things very interesting. It was obvious to some of us that the market was not big enough for 2 relative to subs that became obvious when Siri started to rollout and get its act together. Now if the merge and get economies of scale as well as a captive market that should but some fizz back in the soda.
My only reservation is that two losing companies merging usually does not generate a profitable one, merely a bigger loser, and with *no competition* to keep it sharp, I am not at all convinced yet.
This stock is dead weight. Myself,family & friends bought a ton of this for $ 2.90 to $ 3.00 a share, & we sold at $26.00/ share. Many thousands of shares & hundreds of thousands of dollars of profits later, we now look at the price occasionally and laugh at our good fortune/luck. My advice to you all is move on, this is dead weight. I sincerely can't believe people would be putting their hard earned $$$$ into this.
From: Sirius_Rich 4/19/2007 11:24:26 AM
Read Replies (1) of 3329
A U.S. District Court judge denied the XM's motion, and the 8th Circuit on Wednesday affirmed that ruling, and so the lawsuit can proceed.
http://www.orbitcast.com/archives/commercialfree-lawsuit-against-xm-allowed-to-proceed.html
By: roybean3
17 Apr 2007, 08:20 PM EDT
Msg. 156736 of 156745
Jump to msg. #
XM burning through cash to catch Sirius
Dips into U.S. parent's credit line in bid to boost lagging satellite-radio retail sales
GRANT ROBERTSON
MEDIA REPORTER
John Bitove knew it would take a lot of cash to launch XM Canada, but the costly slugfest that has unfolded with rival Sirius Canada Inc. in the satellite radio market over the past year has forced the upstart company to hit up its U.S. parent for a loan.
XM Canada acknowledged yesterday that it is lagging Sirius in the race to add monthly subscribers, particularly in retail sales of its radios.
Each new customer is costing $53 in marketing dollars and incentives, and XM is now planning to dip into a $45-million credit line from its Washington-based parent, XM Satellite Radio Holdings Inc.
The move illustrates how much cash the industry is burning through as it attempts to establish a base of paying customers.
Print Edition - Section Front
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* Go to the Business section
The Globe and Mail
Analysts have expected for months that XM Canada would find itself in a cash crunch. It had more than $45-million in cash last August, but that number has dwindled to less than $18.5-million in the face of rising marketing costs.
XM, which has been focusing mostly on the new car market, also plans to take "corrective" measures in the retail market in a bid to claim some of the ground it has lost to Sirius. "We're taking action to make sure we get a sizable share of the retail market going forward," said Mr. Bitove, chief executive officer of Canadian Satellite Radio Holdings Inc., the publicly traded company that operates XM Canada.
Those measures include cutting costs to free up more dollars and the recent addition of more channels to lure potential buyers away from Sirius.
Because Sirius Canada is privately owned and not required to report its financial data, it is difficult to compare the financial health of the two companies. Even the number of subscribers claimed by both is a matter of dispute.
Sirius says it has more than 300,000 customers who pay the full subscription price, but XM said yesterday that it can't figure out how its rival arrives at that number.
"I'm not discrediting their numbers at all, I'm just saying we can't reconcile them. So I think that a comparison is very difficult," XM Canada's chief operating officer, Stephen Tapp, told analysts. Despite the doubts expressed by XM Canada, a Sirius spokesman said yesterday it counts only subscribers who pay the full subscription fee.
XM Canada last month changed the way it defines a paying subscriber, which bolstered its numbers. It now counts radios installed in vehicles as soon as they roll off the factory floor, even if the car hasn't been purchased. The company says it collects revenue from the manufacturers, who subsidize free trials of the radios.
That allowed XM Canada to add an additional 18,200 subscribers to its books in the second quarter, and contributed to a 60-per-cent increase in customers over last quarter. Of its 237,500 subscribers, 136,400 are "self-paying" customers, while the remainder are on promotional deals.
Observers have criticized the industry for lacking a standard way of reporting subscriber numbers and the friction between the two companies appears to be increasing in the face of a potential merger of Sirius and XM in the United States.
That deal, if approved by regulators some time in the next year, would force consolidation in Canada. Though the U.S. merger has been called a merger of equals, ownership in the Canadian company would be divided based on the value of each business, meaning Sirius could walk away with a bigger chunk of the operation based on its higher subscriber numbers. "They're both jostling for position," said analyst Carl Bayard of Desjardins Securities.
Mr. Bitove said using the XM credit facility is cheaper than taking on debt. However the arrangement still carries an annual interest rate of 9 per cent. The company will borrow in the "single-digit" millions in the coming months, he said.
*****
Canadian Satellite Radio
Q4 2006 2005
Profit (Loss) ($27.1-million) ($44-million)
EPS (57¢) ($1.05)
Revenue $4.9-million $1.1-million
SOURCE: COMPANY REPORTS
From: Sirius_Rich 4/16/2007 5:52:15 PM
Read Replies (1) of 6811
David Rehr on competition (video)
By: spaghetti48236
12 Apr 2007, 08:57 PM EDT
Msg. 156611 of 156628
Jump to msg. #
Satellite Jump Could Be Tough
At first glance, Imus' most obvious move now would appear to be a jump to satellite radio, as Stern did when he tired of the hefty fines imposed by the Federal Communications Commission. However, experts said Thursday that they doubt Imus could make a similar move anytime soon.
"(Sirius Chairman) Mel Karmazin was godfather to Imus as he was to Howard Stern," Cooke said. "But right now, Mel is trying to roll a boulder up a mountain by asking the FCC for a pass on (Sirius' merger with XM Satellite Radio). And his opposition, the National Association of Broadcasters, has made Stern the poster child for why the merger shouldn't be allowed. This is just the worst possible time for Imus to pull this."
XM Satellite Radio Holdings Inc. (XMSR) is in the same bind should it try to pursue a suddenly available Imus, Cooke said.
Sirius reached a pact earlier this year to acquire XM in a $13.6 billion deal, but the proposed deal has received heavy scrutiny from Congress, and some have expressed doubt that it will receive regulatory approval because, in some sense, it would add up to a satellite-radio monopoly. XM and Sirius argue that they compete with all forms of audio entertainment - not just with each other or with AM/FM radio - and therefore the merger would not harm competition.
Karmazin has pointed out that racier content like that on the Stern program could be on a separate tier where it would be removed from easy access by children and more sensitive adults. Still, an Imus signing while the companies are trying to make their merger's case to regulators and others could result in negative publicity that would be a significant detriment.
Perhaps a more fundamental obstacle to an Imus-to-satellite deal is that both XM and Sirius, having spent wildly to compete with each other in recent years, may not be in a financial position to take on another big contract, said Ed Seeger, president of radio brokerage firm American Media Services. Both companies are losing millions of dollars each year.
"What I do see is maybe another cable network offering to pick Imus up," said Seeger. "If I were running one of them, I would certainly consider it."
By: traybaby
12 Apr 2007, 01:44 AM EDT
Msg. 156588 of 156588
Jump to msg. #
april 17th hearing
if it hasn't been posted yet here ya go, tray
Fourth Capitol Hill hearing on Sirius-XM merger scheduled
Filed under: Satellite Radio Regulatory Merger
The U.S. Senate Committee on Commerce, Science and Transportation will be holding a hearing on the Sirius-XM merger.
With the intriguing title of "XM Sirius" the hearing is scheduled for Tuesday, April 17, 2007 at 10am in room SR - 253. A webcast of the hearing will be announced soon.
No witnesses are available yet, but this is listed as a "Full Committee" hearing. The committee is chaired by Sen. Daniel K. Inouye (D-HI), with Sen. Ted Stevens (R-AK) being the Vice Chairman. Committee members includes Sen. John F. Kerry (D-MA) and Sen. John McCain (R-AZ) among others.
This will be the fourth Capitol Hill hearing on the Sirius-XM merger.
[XM Sirius Hearing]
XM Satellite Radio Schedules First Quarter 2007 Financial Results Conference Call for April 26
--------------------------------------------------------------------------------
PRNewswire
5:56 p.m. 04/09/2007
WASHINGTON, April 9, 2007 /PRNewswire-FirstCall via COMTEX/ -- XM Satellite Radio (XMSR) has scheduled a conference call for Thursday, April 26, 2007, at 10:00 AM ET to announce and discuss its first quarter 2007 financial results. Prior to the call, XM Radio's first quarter 2007 results will be posted to the Company's website at http://www.xmradio.com/ and released to PR Newswire and First Call.
To listen to the conference call via telephone, please call one of the following numbers approximately 10 minutes prior to the planned start of the call. Call-in number: (877) 265-5808 Local call-in number: (706) 679-7931 Conference ID#: 5409333
The conference call can also be accessed through a live webcast on the Company's website at http://www.xmradio.com/ (click on "Investor Info" link at the bottom of the page). The webcast of the call will also be archived on the Company's Web site.
If you are unable to participate in the scheduled call, a replay of the conference call will be available after 11:30 a.m. ET on Thursday, April 26, 2007 until July 26, 2007.
Playback Numbers: (800) 642-1687 Local playback number: (706) 645-9291 Conference ID#: 5409333
XM (XMSR) is America's number one satellite radio company with more than 7.6 million subscribers. Broadcasting live daily from studios in Washington, DC, New York City, Chicago, the Country Music Hall of Fame in Nashville, Toronto and Montreal, XM's 2007 lineup includes more than 170 digital channels of choice from coast to coast: commercial-free music, premier sports, news, talk radio, comedy, children's and entertainment programming; and the most advanced traffic and weather information.
XM, the leader in satellite-delivered entertainment and data services for the automobile market through partnerships with General Motors, Honda, Hyundai, Nissan, Porsche, Subaru, Suzuki and Toyota is available in 140 different vehicle models for 2007. XM's industry-leading products are available at consumer electronics retailers nationwide. For more information about XM hardware, programming and partnerships, please visit http://www.xmradio.com/ .
Factors that could cause actual results to differ materially from those in the forward-looking statements in this press release include demand for XM Satellite Radio's service, the Company's dependence on technology and third party vendors, its potential need for additional financing, as well as other risks described in XM Satellite Radio Holdings Inc.'s Form 10-K filed with the Securities and Exchange Commission on 3-9-06. Copies of the filing are available upon request from XM Radio's Investor Relations Department. All programming is subject to change.
XM Satellite Radio Holdings: Class-Action Suit Dismissed>XMSR
37 minutes ago - Dow Jones News
DOW JONES NEWSWIRES
XM Satellite Radio Holdings Inc. (XMSR) said Thursday that a court has dismissed a purported class-action lawsuit alleging that the company failed to warn investors about higher costs to obtain subscribers in the fourth quarter of 2005.
The U.S. District Court in Washington, D.C., dismissed the case Wednesday, ruling that the plaintiffs had failed to identify any materially misleading statements or omissions under a relevant securities law, according to a filing with the Securities and Exchange Commission.
The purported class action sought an unspecified amount of damages for buyers of XM Satellite's stock between July 28, 2005, and Feb. 16, 2006.
During 2005, XM Satellite reported that its subscriber-acquisition costs were $266.9 million, compared with $157.5 million in 2004. The company's subscriber acquisition costs for 2006 were $251.9 million.
XM Satellite is a radio broadcaster based in Washington.
-Ed Welsch, Dow Jones Newswires; 202-862-1356; edward.welsch@dowjones.com
> Dow Jones Newswires
03-29-07 1517ET
Copyright (c) 2007 Dow Jones & Company, Inc.
Spree: your question about options I assume applies to PUTS and Calls straddles and the like? I'm by no means knowledgeable, just enough not to buy what I don't fully understand. lol
I would view options mostly as a leveraging tool, but then I don't use them. If you were to buy a ie "leap" call you could extend your time to the greatest degree and hence increase the likelyhood your option would be in play when a decision comes down and when the stock may jump or fall. Options are a very high risk game and for those who do not own them you are better not getting involved with them. I thought about writing covered calls on high yields with leaps, but instead opted to just continue the income flow.
Imo if you buy long you at least have the underlying stock regardless of what happens. Not so with an option, since it is merely a guarantee to exercise the purchase or sale with in a given time frame.
I obviously am no expert on options, and I don't like to buy what I am not pretty thoroughly conversant with.
Perhaps some other board members trade options and they can also enlighten you.
drawpass: imo Not a shock that the Assoc. of Broadcasters would be anti-merger/acquisition. lol They have been against both companies since before 2001 since they interfer with big money interests.
imo though I think there could be dangerous precedent set if it goes through. Monopoly and antitrust type claims which imo are a major obstacle now to overcome. imo if the merger was not viewed as questionable the stocks would have benefited more.
The merger could eliminate wage duplication costs and likely make the choices for subscribers much greater, hence reducing churn. It also should make SAC cost less with the doubling of choice and no competition.
One major element is the that the SUBS almost double hence the audience and hence the viability of national commercials and the worth of such commercials ie what then can be charged for air time.
Should be interesting.
The FCC link I provided also has the application available. It's quite lengthy but interesting to read. Looks good so far!!!
FCC merger timeclock link:
http://www.fcc.gov/transaction/xm-sirius.html
More merger hearings info here.
http://satellitestandard.blogspot.com/2007/03/more-merger-hearings.html
News for 'XMSR' - (DJ FCC Chief Privately Questions Satellite Radio
Merger - NYT)
NEW YORK (Dow Jones)--Federal Communications Commission chairman
Kevin
J. Martin has privately questioned recent Congressional testimony by
the
architect of a proposed merger of the nation's two satellite radio
companies that subscribers would both pay the same monthly rate and
receive significantly more programming, The New York Times reported in
its
Wednesday editions.
As he sought to sell the proposed merger of Sirius Satellite Radio
and
(SIRI) XM Satellite Radio (XMSR) to Congress, and by extension to
regulators like Mr. Martin, Mel Karmazin, the chief executive of
Sirius,
vowed last Wednesday that prices would not be raised and that listeners
would benefit enormously by getting the best programming from both
companies.
However, the Times reports that in separate conversations with two
people after Karmazin's testimony to a House committee, Martin said
that
subscribers may be surprised to learn they may actually have to pay
more
than the current monthly rate of $12.95 if, for example, they want to
receive all the games of Major League Baseball (now available only on
XM)
as well as all the professional football games (now only on Sirius).
Karmazin, reached on Tuesday, said his testimony was not misleading
and
that he meant to say two things: subscribers wanting to keep their
existing service would not face a price increase, and listeners who
wanted
the best of both services would pay less than the combined rate of
$25.90.
Martin, in an interview on Tuesday, suggested that the details had
not
been clear from the testimony. He emphasized that he was not
questioning
the motives or candor of Karmazin but that there was "a need for
greater
clarity" over what was being proposed for fees and programming, the
Times
reports.
Two people who talked to Martin - one working to get the deal done
and
the other a critic - said they understood his comments to reflect his
skepticism about both the deal and the way it was being sold to
Congress
as more beneficial to consumers than it might actually be. The two did
not
want to be identified because they said these were private
conversations.
Martin said that the proposed deal had "not even been filed with the
commission yet," and that he would carefully consider the arguments of
both the supporters and the opponents before reaching a decision, the
Times reports.
The $13 billion proposed deal cannot be completed without the
permission
of antitrust lawyers at the Justice Department and a majority of the
five
commissioners at the F.C.C.
Newsapaper Web Site: http://www.nytimes.com
(END) Dow Jones Newswires March 07, 2007 01:11 ET (06:11 GMT)
Copyright (c) 2007 Dow Jones & Company, Inc.- - 01 11 AM EST 03-07-07
Source: DJ Broad Tape
News for 'XMSR' - (XM to Offer First-Ever Irish Music Channel as Part
of
St. Patrick's Day Holiday Programming Lineup "XM Green: Radio Ireland"
to
Feature Ireland's Music and Culture from March 16-18 The Chieftains,
James Galway, The Clancy Brothers, The Dubliners And More Headline XM
Original Programming for "XM Green: Radio Ireland")
WASHINGTON, March 7, 2007 /PRNewswire-FirstCall via COMTEX/ --
Coinciding
withSt.Patrick's Day, XM Satellite Radio, the nation's leading
satellite radio
service with more than 7.6 million subscribers, will offer a special
72-hournationalbroadcast channel devoted exclusively to the music and
culture of
Ireland. XM Green: Radio Ireland (XM channel 200) is a musical tip of
the
cap tothetrue sounds of the Emerald Isle, featuring an eclectic mix
from every
genreofIrish Culture including traditional, celtic and contemporary
releases
beginning Friday, March 16 and running through Sunday, March 18.XM's
three-day celebration of St. Patrick's Day will showcase popular
Irish andIrish-influencedartists such as The Chieftains, James Galway,
The Clancy
Brothers and The Dubliners. Popular hits from contemporary artists
including ThePoguesand Flogging Molly will also be showcased on XM
Green. In addition,
Ireland's old-style songs and traditional melodies will be performed by
artistssuchas Dennis Day, Celtic Thunder, Irish Weavers and Frankie
Gavin, among many
others. The channel also will highlight the rich legacy of music
originatingfromthe heartland of the ancient Celtic civilization.
XM Green: Radio Ireland will also be available through XM Radio Online,
XM'sInternetstreaming service.
Complete programming information for XM Green: Radio Ireland, including
detailedbroadcastschedules, is available online at
http://www.xmradio.com.
About XM Satellite RadioXM (Nasdaq: XMSR) is America's number one
satellite radio company with
more than7.6million subscribers. Broadcasting live daily from studios
in Washington,
DC,NewYork City, Chicago, the Country Music Hall of Fame in Nashville,
Toronto
andMontreal,XM's 2006 lineup includes more than 170 digital channels of
choice
from coast to coast: commercial-free music, premier sports, news, talk
radio,comedy,children's and entertainment programming; and the most
advanced traffic
and weather information.XM, the leader in satellite-delivered
entertainment and data services for
theautomobilemarket through partnerships with General Motors, Honda,
Hyundai,
Nissan, Porsche, Subaru, Suzuki and Toyota is available in 140
different
vehiclemodelsfor 2006. XM's industry-leading products are available at
consumer
electronics retailers nationwide. For more information about XM
hardware,programmingand partnerships, please visit http://www.xmradio.com.
Factors that could cause actual results to differ materially from those
in
theforward-lookingstatements in this press release include demand for
XM Satellite
Radio's service, the Company's dependence on technology and third party
vendors,itspotential need for additional financing, as well as other
risks described
inXMSatellite Radio Holdings Inc.'s Form 10-K filed with the Securities
and
Exchange Commission on 3-9-06. Copies of the filing are available upon
requestfromXM Radio's Investor Relations Department.
SOURCE XM Satellite Radio, Inc.CONTACT: Anne-Taylor Griffith,
of XM Satellite Radio, Inc.,
annetaylor.griffith@xmradio.com, +1-212-708-6171; or
Sakura Komiyama,
skomiyama@goodmanmedia.com, or Olivia Dupuis,
odupuis@goodmanmedia.com, both of Goodman Media
International, +1-212-576-2700 for XM Satellite Radio,
Inc.
Time to Buy Satellite Radio
By Richard Suttmeier
RealMoney.com Contributor
3/7/2007 7:42 AM EST
URL: http://www.thestreet.com/markets/activetraderupdate/10342801.html
This column was originally published on RealMoney on March 6 at 1 p.m. EST. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.
Investors who have speculated on satellite radio should consider buying both Sirius (SIRI) and XM (XMSR) now. The valuations of both stocks have improved, and this share price weakness has improved the ValuEngine ratings on these names from sell to hold. But two other, more speculative angles on satellite radio -- a bet on the value of the "real estate" orbiting the Earth, and on the value of the satellite spectrums -- makes each worth holding separately, whether the merger happens or not.
When Sirius and XM announced their merger Feb. 20, ValuEngine had sell ratings on both companies. If the deal is approved (currently hoped for by year-end), it would combine two companies that haven't been able to make it into the green on their own into a stronger whole. My speculation is that regulators will approve the deal.
If the Justice Department and Federal Communications Commission approve the merger, XM owners will receive the equivalent of 4.6 shares of Sirius. The FCC would have to allow one company to hold both satellite radio licenses. Former U.S. Attorney General John Ashcroft is lobbying for the National Association of Broadcasters to prevent the deal -- in an about-face after having offered his lobbying firm's services to XM -- but I don't believe his efforts will present a serious threat to this piece of business. Both XM and SIRI are equally attractive. If the deal is approved XM shares are exchanged for SIRI shares at a discount.
Now, while the combined company could succeed by reducing costs (letting Howard Stern and other high-priced talent go elsewhere), I'm more focused on improved valuations. Both Sirius and XM have given up the price gains both enjoyed following the merger announcement -- XM traded at $18.25 in the Feb. 20 premarket and Sirius at $4.20, which seemed unsustainable even then. Both are also now relatively cheap by historical standards.
Now ValuEngine has upgraded Sirius to hold from sell Monday. Sirius had been rated a sell since Dec. 8, 2005, when I wrote about the stock's overvaluation. Shares are now cheap at half the price: Sirius closed Monday at $3.37, down 54.5% from its close at $7.42 on Dec. 8, 2005.
Sirius' fair value is now up to $4.73. That makes the stock 28.7% undervalued at Monday's closing price. Investors with a speculative flair (more on that below) should consider adding to positions on weakness to my monthly value level of $2.99 and quarterly value level of $2.64, and reduce holdings on strength to my semiannual risky level at $4.60.
Sirius Satellite
(SIRI)
Source: Reuters
ValuEngine upgraded XM to hold from sell on Feb. 21. The stock's fair value is now at $28.97. That makes the stock 53.5% undervalued at Monday's $13.47 closing price.
Investors should consider adding to positions on weakness to my monthly value levels are $12.52 and $12.22, and reduce holdings on strength to my quarterly risky level at $20.18. If XM shares were converted to Sirius stock today, the equivalent price would be $2.93, for a 13% discount.
XM Satellite
(XMSR)
Source: Reuters
Call satellite radio a spectrum speculation. In the late 1960s, I worked as an engineer on projects related to the lunar module at Grumman. Those experiences lead me to believe that the satellites currently operated by Sirius and XM have been designed to do more than they do currently. Remember that the lunar exploration module, or LEM, saved the lives of the Apollo 13 mission astronauts, helping return them from an orbit around the moon.
It's possible that the Sirius or XM satellite spectrums could be used for other products, such as Internet connectivity, cell phones or video, which could turn the combined entity into a long-term home run. Or the combined company could keep one of the satellite radio licenses and sell the other.
Consider speculating on the value of the real estate orbiting the earth. As an engineer, I would bet that both Sirius and XM have overdesigned the technology, and that the spectrums each controls can be monetized more than they already are.
Judiciary Panel to Examine XM-Sirius Merger
http://boss.streamos.com/real/judiciary/full/full022807b.smi
Witness list:
David K. Rehr
President and Chief Executive Officer National Association of Broadcasters
Gigi Sohn
President and Founder Public Knowledge
Mark Cooper
Director of Research Consumer Federation of America
Charles E. Biggio
Wison Sonsini Goodrich and Rosati
Mel Karmazin
Chief Executive Officer SIRIUS Satellite Radio
News for 'SIRI' - (DJ XM Responds To Broadcast Assoc Criticism Of
Sirius
Deal)
DOW JONES NEWSWIRES
XM Satellite Radio Holdings Inc. (XMSR) on Monday responded to
National
Association of Broadcasters criticism of its planned merger with Sirius
Satellite Radio Inc. (SIRI), saying the terrestrial radio group fears
the
increased competition.
In a Securities and Exchange Commission filing, XM said it has
distributed and may continue to distribute its answers to NAB's
comments
about the merger.
For instance, in the filing XM claims NAB has said the Federal
Communications Commission prohibited the companies from merging because
that would damp competition and hurt consumers.
However, the FCC took that position a decade ago and market
conditions
have changed, with new technologies coming into the market, XM said in
the
filing.
XM and Sirius last month announced plans to merge, although the
transaction must clear regulatory hurdles first.
According to news reports, an XM spokesman also said former attorney
general John Gonzales, who wrote successor Alberto Gonzales to protest
the
planned merger, had offered his firm's consulting services to XM. NAB
later hired former attorney general John Ashcroft.
XM shares closed Monday at $13.47 each, down more than 3.6%. Sirius
shares closed at $3.37 each, off 5%.
-Greg Wright, Dow Jones Newswires; 202-862-3546;
gregory.wright@dowjones.com
(END) Dow Jones Newswires March 05, 2007 18:24 ET (23:24 GMT)
Copyright (c) 2007 Dow Jones & Company, Inc.- - 06 24 PM EST 03-05-07
Source: DJ Broad Tape
Ashcroft Attacks Sirius-XM Deal
Friday March 2, 5:53 pm ET
Lobbyist Ashcroft Condemns Sirius' Proposed Acquisition of XM in Letter to Successor Gonzalez
WASHINGTON (AP) -- Former Attorney General John Ashcroft, hired by opponents of the deal, has blasted Sirius Satellite Radio Inc.'s proposed acquisition of XM Satellite Radio Holdings Inc., saying the combination would leave only one provider in the market.Ashcroft, who served as head of the Justice Department for four years until January 2005, was hired by the National Association of Broadcasters to examine the acquisition.
The NAB, which represents traditional radio broadcasters, has been a fierce critic of the acquisition, now worth about $4.4 billion, since it was announced last week.
In a letter sent on February 27 to his replacement as attorney general, Alberto Gonzales, Ashcroft concludes "... the proposed Sirius/XM merger, which reduces the number of competitors from two to one, raises most serious competition concerns."
Ashcroft compared the deal to the attempted takeover by satellite provider Echostar Communications Corp. of Hughes Electronic Corp., which would have reduced the competitors in the satellite television market in many areas from three to two.
"The Department recognized that reducing competition from three to two was anticompetitive and opposed the transaction, which was eventually abandoned," he said.
He also draws comparisons with the attempted tie-up between Echostar and DirectTV Group Inc., in which the FCC reaffirmed its rule of not granting a single commercial license for satellite TV. That deal also wasn't allowed.
"I would submit that a thorough study of consumer demands and preferences would show that terrestrial radio stations should not be considered part of the satellite radio market for the purposes of the review of the current merger ...," said the letter.
The companies' main argument for the deal being approved is that, while they are the only two satellite radio companies, they are in fact competing against the range of audio media including traditional radio, terrestrial digital radio, Internet-based radio and gadgets like Apple Inc.'s iPod.
The letter was forwarded by the NAB to lawmakers on the House and Senate Judiciary Committees.
While neither panel has authority to block the deal, the House Judiciary Committee's newly formed Antitrust Task Force has already held a hearing into the matter.
Next week it is the turn of the House Commerce Committee's telecommunications subcommittee, headed by Massachusetts Democratic Rep. Edward Markey.
The merger must receive approval of both the Department of Justice's antitrust unit and the Federal Communications Commission. The latter would have to change its rules to allow one company to hold the only satellite radio license.
Representatives of Sirius and XM were not immediately available to comment.
http://biz.yahoo.com/ap/070302/xm_radio_sirius_ashcroft.html?.v=1
http://www.forbes.com/2007/02/28/xm-sirius-satellite-markets-equity-cx_mk_0228markets20.html?partner....
Market Scan
Analyst: XM, Sirius Set For Cash Flow Boom
Matthew Kirdahy, 02.28.07, 1:09 PM ET
A Cowen & Co. equities analyst believes shares of the XM Satellite Radio and Sirius Satellite Radio are on the cusp of breaking loose.
In a note to investors Wednesday, Cowen analyst Tom Watts said both stocks will post gains in the second half of the year.
"They are just on the verge of demonstrating exceptional operating leverage and cash flow generation," he wrote. "The merger approval process, which we expect to result in approval, will cloud the picture, but we expect both stocks to appreciate in the second half."
XM Satellite Radio and its lone rival Sirius Satellite Radio agreed on a merger of equals Feb. 19.
Under the terms of the agreement, XM shareholders will receive 4.6 shares of Sirius stock for each share of XM they own. XM and Sirius shareholders will each own approximately 50% of the combined company.
XM would be bringing more than 7 million subscribers to the table, while Sirius carries more than 6 million. (See: "Subscriber Boost Narrows XM Loss" ).
The deal is valued at $13 billion and is in limbo pending the necessary government approvals. (See: "Sirius, XM Want To Make Music Together.") The House Antitrust Task Force is currently holding a public hearing examining the proposed merger.
"The strongest argument to approve the merger would be that one of the players would fail if not approved," Watts said. "High spending and continued losses by XM will hlep paint that picture."
Shares of XM gained 10 cents to trade at $14.42, while Sirius stock edged up 3 cents to trade at $3.68 midday Wednesday.
News for 'XMSR' - (=DJ House Telecoms Panel To Hold Satellite Radio
Merger
Hearing)
By Corey Boles
Of DOW JONES NEWSWIRES
WASHINGTON --The House Telecommunications Subcommiitee said Tuesday
that
it will hold a hearing next week into the announced merger between
Sirius
Satellite Radio Inc. (SIRI) and XM Satellite Radio Holdings Inc.
(XMSR),
Rep. Edward Markey, D-Mass., said.
Speaking at a National Association of Broadcasters conference, Markey
said the committee would examine all aspects of the proposed tie-up.
The hearing would be the second by a House committee into the merger.
The House Judiciary Committee Antitrust Task Force is scheduled to hold
an
oversight hearing Wednesday into the matter.
-By Corey Boles, Dow Jones Newswires; 202-862-6637;
corey.boles@dowjones.com
(END) Dow Jones Newswires February 27, 2007 10:02 ET (15:02 GMT)
Copyright (c) 2007 Dow Jones & Company, Inc.- - 10 02 AM EST 02-27-07
Source: DJ Broad Tape
Hex: the big money will likely sit on the sidelines while the govn't sorts this out, after all until it is approved the rest is really academic.
Satellite Radio Days: XM-Sirius Merger Sparks a Welcome Debate
By Mark Lloyd
February 26, 2007
The House Judiciary Committee this week plans to investigate whether the merger of two money-losing satellite radio companies would break antitrust rules designed to protect consumers from monopoly prices and services. This is exactly the wrong issue to examine.
Whether the proposed $13 billion merger of XM Satellite Radio Holdings Inc. and Sirius Satellite Radio Inc., the only two providers of this relatively new service, can clear antitrust barriers at the Department of Justice depends on how high the barriers are set. That’s why they want to merge before the end of a lame duck administration that sets the barrier pretty low.
Congressional leaders investigating the merger should take the opportunity to pressure antitrust regulators at the Justice department and the FCC to consider this proposed merger in an entirely different light. Media mergers matter because a robust, independent industry with diverse points of view is essential to our democracy. Therefore, media mergers should be judged on those merits.
Congress needs to embrace a thoughtful and pragmatic alternative to the FCC’s business-as-usual approach to media ownership. Americans’ ability to learn about and debate local, state and national issues and to monitor our representatives depends upon our exposure to news and discussion that is not controlled by a small group of mostly like-minded corporations.
Moreover, a strong democracy requires that many different parts of our community have an opportunity to contribute to the broader public debate. These basic principles are deeply rooted in our constitutional rights of free speech, and are at the core of all our communications laws.
Yet the FCC does not have the means today to determine whether its policies are promoting or discouraging independent and diverse speech. The last time the commission proposed new media ownership rules it relied on an unreliable and increasingly irrelevant market concentration formula designed for antitrust purposes to craft its so-called Diversity Index.
That’s the index employed by the FCC under former Chairman Michael Powell in 2002 to justify the commission’s decision to allow one corporation to own several radio stations, newspapers, and television stations in the same community. After howls of protest from millions of Americans, Congress and ultimately a federal appeals court, the FCC under its new chairman, Kevin Martin, must now reconsider its approach.
Alas, in its request last year for public comment the FCC is once again asking many of the wrong questions about market concentration. The agency wants to know what limits it should place on the number of stations that can be commonly owned in one market, and how it should address radio/television and newspaper/broadcast cross-ownership issues. The real question on the minds of the FCC commissioners, however, is this: Have new technologies created sufficient market competition to allow for greater media concentration?
Chairman Martin has announced 10 studies tied to the media ownership review. While the studies have not been fully described, it is at least clear that none of the studies focuses on the impact of local media diversity on democratic engagement, or on the diversity of information available to minority communities. The studies seem to focus on the financial well-being of the various media industries, not the democratic well-being of our communities.
That’s the challenge for those of us who care about the dangers of increased media concentration on our democracy. Accordingly, we must reframe the debate so that it is about public access to diverse sources of information which educate and inform all Americans, not about marketplace competition important only to the bottom line of big corporations. And we must demonstrate the importance of new sources of information on local democratic engagement.
These are not small challenges. Even though the FCC tips its hat to the idea that access to independent and diverse media is essential to our democracy, it quickly turns the conversation around to markets and no one seems to notice. The FCC is captured by administrators who, by and large, don’t even know how to ask questions about the democratic needs of the public.
Given this predicament, the Center for American Progress has worked with a small but diverse group of media scholars and lawyers over the past year to develop a way to really measure local media diversity, and a way to determine what level of media diversity actually supports strong local democracies. What we have developed is a series of measurements that are clear and easy to understand, and not too burdensome for the FCC to perform. We call it a “Metric for Local Media Diversity.”
In brief, our proposed Metric for Local Media Diversity is based on a set of four distinct but related measures:
1. Determine media markets in a way that captures the diversity of sources available to both the general public and significantly distinct “ethnic” audiences.
2. Count all “independent” media outlets that serve the local media market, including print, broadcast, cable, and Internet media; but include only those sources contributing locally produced news and public affairs.
3. Measure the potential audience of each particular media source in the market.
4. Measure the news workers for each media source in the market, with additional points given for gender and ethnic diversity.
At this week’s hearings on the XM-Sirius merger, members of Congress should press the FCC and Department of Justice on these types of issues, not just for the merger at hand but also for forthcoming media mergers. A new standard needs to be set. Let the XM-Serius hearings mark the beginning of that process.
Mark Lloyd is a Senior Fellow at the Center for American Progress who examines communications policy issues.
Yes, I agree. SIRI trading down pre-market to let shorts cover who are clients. Funds will reorg the investments in both stocks. XM currently has more fund manager investors than Sirius. The merger will happen 99% but right now is SAT Rad worth investing in. It looks like a no from the way it's been trading.
Hex: If they are able to pull off the merger, then it will become a question of:
1. How can they cut costs way down on the post company.
2. How can they limit commercials.
3. The mixed genre should help them enormously
Just a big Govn't hurdle in my book but I could be wrong. It just would set one heck of monopoly precedent.
BOl
john
Sirius Reports Fourth Quarter and Full Year 2006 Results
Tuesday February 27, 7:00 am ET
- Achieves First-Ever Quarter of Positive Cash Flow from Operations and Free Cash Flow
- 2006 Revenue Increases 163% to a Record $637 Million
- Highest Satellite Radio Subscriber Share in Company's History
- 2007 Outlook For More Than 8 Million Subscribers and Revenue Approaching $1 Billion
- Executed Definitive Merger Agreement with XM Satellite Radio
NEW YORK, Feb. 27 /PRNewswire-FirstCall/ -- SIRIUS Satellite Radio (Nasdaq: SIRI - News) today announced record full year and fourth quarter 2006 results driven by an 82% increase in subscribers to more than 6 million, positive free cash flow in the fourth quarter and the highest satellite radio subscriber market share in the company's history.
(Logo: http://www.newscom.com/cgi-bin/prnh/19991118/NYTH125 )
Source: SIRIUS Satellite Radio
· Click Here to Download Image
"In 2006, SIRIUS added 2.7 million new subscribers, an annual record for satellite radio, and captured 62% share of satellite radio subscriber growth. More importantly, SIRIUS achieved positive free cash flow in the fourth quarter 2006 -- four years after adding our first subscriber," said Mel Karmazin, CEO of SIRIUS. "The fourth quarter marked the fifth consecutive quarter of satellite radio subscriber leadership for SIRIUS and a record 67% of satellite radio growth. We look forward to another year of strong growth in 2007, anticipating that we will approach $1 billion in total revenue. The pending merger with XM will offer unprecedented choice for consumers and create tremendous value for our shareholders."
SIRIUS ended 2006 with 6,024,555 subscribers, up 82% from 3,316,560 subscribers at the end of 2005. Retail subscribers increased 64% in 2006 to 4,041,826 from 2005 retail subscribers of 2,465,363. OEM subscribers increased 138% in 2006 to 1,959,009 from 823,693 at the end of 2005. During the fourth quarter 2006, SIRIUS added 905,247 subscribers, or 67% of satellite radio net additions.
Total revenue for 2006 increased to $637.2 million, up 163% from 2005 total revenue of $242.2 million. Fourth quarter 2006 total revenue of $193.4 million increased 142% from fourth quarter 2005 revenue of $80.0 million. Average monthly revenue per subscriber (or "ARPU") was $11.01 in 2006 up from $10.34 in 2005. 2006 ARPU included a $0.56 contribution from net advertising revenue, up 100% from the $0.28 contribution from net advertising revenue reported in 2005. Average monthly churn for 2006 was 1.9% reflecting total churn from both retail and OEM channels. SAC per gross subscriber addition was $114 for 2006 improving 18% over 2005's SAC per gross subscriber addition of $139.
SIRIUS reported a net loss of ($1.1) billion, or ($0.79) per share, for 2006. The adjusted net loss for 2006 (adjusted to primarily exclude stock-based compensation) improved to ($656.0) million for 2006, and the adjusted loss from operations improved to ($513.1) million versus 2006 guidance of ($565) million. The free cash flow loss for the full year of 2006 was ($500.7) million, in-line with previous guidance.
In the fourth quarter 2006, SIRIUS reported a net loss of ($245.6) million, or ($0.17) per share. The adjusted net loss (adjusted to primarily exclude stock-based compensation) improved to ($203.0) million for the fourth quarter, and the adjusted loss from operations improved to ($166.8) million.
The company posted positive free cash flow in the fourth quarter 2006 of $30.4 million, solidly reaching its goal of positive free cash flow as early as the fourth quarter of 2006. The definition of free cash flow is the sum of net cash provided by (used in) operating activities, capital expenditures and restricted and other investment activity.
2007 OUTLOOK
SIRIUS today provided the following guidance for the full year 2007:
-- Total revenue approaching $1 billion
-- More than 8 million subscribers at year-end
-- Average monthly subscriber churn of approximately 2.2 - 2.4%
-- SAC per gross subscriber addition of approximately $95
In light of the pending merger with XM, and the uncertainty surrounding the timing and financial impact, the company is no longer currently providing cash flow guidance. See section on the pending merger of equals with XM Satellite Radio Holdings Inc.
Hi hex was gone till about 1600 EST here for a day and then gone again for 3 days. Since you are the source of all of our current events I am sure I was not missed. Just thought I would stop and say hi as I pass through this week.
I am surprised the stock didn't rise since it is rumored at 4.6 to 1 and at 4 for siri that puts us up a bit from here.
Good 2 see ya if only 4 a bit.
News for 'SIRI' - (EDITORIAL: Merge satellite radio: There's too little
need for two systems)
Feb 26, 2007 (Newsday - McClatchy-Tribune Business News via COMTEX) --
The
onlytwosatellite radio systems in America, Sirius and XM, want to
merge. A
decade-old federal rule bars it. But neither has shown a profit, so
Washingtonshouldlet them combine. With all the other sources of
entertainment and
information, there just isn't enough of a market for two.Sirius
Satellite Radio and XM Satellite Radio went on the air in 2001,
largelytoprovide motorists a radio signal that would persist wherever
they happened
todrive;many new cars come with a radio for one or the other (not
both). Their
federal broadcast licenses require that there be competing services, to
ensureconsumersa choice and to restrain prices.
Although their subscribers and revenues have increased over the years,
neitherevermade a cent. So now they have proposed an $11.4-billion
merger, combining
programming and cutting operating costs while initially broadcasting on
bothradiobands. Under federal rules, the two can merge only if
consumers benefit.
The single service might indeed offer a wider range of programming, but
withoutdirectcompetition, the monthly $12.95 fee would surely rise.
But satellite radio faces competition from newer technologies:
high-definitionradio,music over cell phones and the Internet. Many cars
come equipped to play
iPods through their speaker systems. Besides, after enough losses, one
of
thetwomay well give up anyway -- leaving millions of subscribers with
useless
radios. Better to let them merge now.Copyright(c) 2007, Newsday,
Melville, N.Y.
-0-SUBJECT CODE: ND
Source: Comtex Wall Street News
XM Satellite Radio 4Q Loss Narrows As Rev
Rises 45%)
DOW JONES NEWSWIRES
XM Satellite Radio Holding Inc. (XMSR), which last week agreed to a
merger with rival Sirius Satellite Radio Inc. (SIRI) Monday posted a
narrower fourth-quarter loss helped by continued subscriber growth.
The Washington, D.C., company, which features shows hosted by Oprah
Winfrey, Bob Dylan and talk radio hosts Opie and Anthony, reported a net
loss of $256.7 million, or 90 cents a share, from $268.3 million, or $1.22
a share, a year earlier.
Results from the latest quarter included an impairment charge of $57.6
million and restructuring charges of $21.4 million. The year-ago quarter
included restructuring charges of $25.3 million.
Revenue rose 45% to $257.1 million from $177.1 million a year ago.
Analysts surveyed by Thomson Financial expected, on average a loss of 71
cents a share on revenue of $242.8 million.
XM and Sirius announced a merger last Monday under which Sirius would
pay 4.6 of its shares for every XM share. The companies expect the $11.4
billion deal to close by the end of the year.
Regulatory issues will most likely be major obstacles for the two
companies, since they are the only ones licensed by the Federal
Communications Commission to offer satellite radio in the U.S.
XM, the biggest satellite radio company, added 442,679 net new
subscribers during the quarter, down from 898,315 a year ago.
The company reported that it added 1.7 millionsubscribers in 2006,
ending the year with 7.6 million subscribers. XM had expected to close the
year with 7.7 million to 7.9 million subscribers.
Subscriber acquisition costs, a component of cost per gross addition,
fell to $70 from $89 a year ago.
Average revenue per subscriber, a closely watched measurement in the
industry, rose to $10.07 from $9.85 a year ago during the quarter. Cost
per gross customer addition was $128, compared with $141 in the year-ago
period.
Churn, or the rate of monthly customer losses, was 1.79% compared with
1.57% a year ago.
Shares of XM and Sirius floundered in 2006, dragged by concerns about
spending and competition. News of the merger pushed up both stocks last
Tuesday, the day after news hit the Wall Street. XM shares closed up 10.2%
while Sirius shares closed up 5.9%.
Sirius, New York, which features a show by shock jock Howard Stern,
reports quarterly results Tuesday.
XM shares were inactive in premarket trading Monday. Shares closed
Friday's trading session at $15.10 while Sirius shares closed the market
at $3.74.
When Unequals Try to Merge as Equals
By ANDREW ROSS SORKIN
Published: February 25, 2007
HERE’S a tip about deal-making: When companies start talking about a “merger of equals,” someone is usually getting the better deal. It is especially true in the proposed merger of XM Satellite Radio and Sirius Satellite Radio.
It is being billed as a merger of equals, with each company getting exactly half of the new entity.
But here’s the unequal part: The stock market thinks that Sirius is worth almost $1 billion more than XM. To get the numbers to work, Sirius offered to pay a handsome 22 percent premium to shareholders of XM. (The premium is actually almost a whopping 30 percent if you account for the run-up in XM’s shares the Friday before the deal was announced, as word began to leak.)
So why did Mel Karmazin, the chief executive of Sirius, dress up the deal as if both companies were on the same footing?
I called Mr. Karmazin soon after the deal was announced to ask just that.
“If you give me a lie detector test,” he said, “I’ll tell you that I believe we’re worth more than them.”
In most mergers of equals these days, the buyer — and there is always a buyer — pays little or no premium. Both companies simply participate in a stock swap on the assumption that the shares will rise because of the cost savings and “synergies” — to bring back a dirty word from the 1990s.
The enormous premium for XM appears, at first glance, very curious.
It’s not as if there was another buyer for XM that Sirius needed to outbid.
Sirius and XM had always been natural partners — assuming that regulators are willing to let them combine.
VideoMore Video »
Things become clearer, though, when you look beyond the numbers and consider the psychology behind the deal. Because of the possibility that Washington could block the transaction, Mr. Karmazin said that nobody wants to look like the loser if things go bad. “You want to make sure if it doesn’t happen, no harm, no foul,” he said.
Of course, others have been down this road before. Remember Daimler-Benz’s takeover of Chrysler? Several years after the deal, Daimler’s chief executive, Jürgen E. Schrempp, explained that they called it a merger of equals “for psychological reasons.” (As it happens, Daimler is now considering selling off Chrysler.)
If Mr. Karmazin was willing to pay a premium, why didn’t he just buy the company outright?
All the questions in my head apparently went through Mr. Karmazin’s head, too.
When he first approached XM’s chairman, Gary M. Parsons, he was prepared either to buy the company at a premium or pursue a no-premium “merger of equals.”
A sale was no-go. “They said they were not for sale,” Mr. Karmazin explained.
So, Mr. Karmazin then pushed for a no-premium merger. This was perhaps an even harder sell because Mr. Parsons said he believed that XM was worth more than Sirius, even though neither the stock market nor Mr. Karmazin agreed with him.
Mr. Karmazin said: “I told them that all of their reasons were bogus.”
Mr. Parsons argued that his company had more subscribers and more revenue, but that its investors, mostly institutions like Axa and Legg Mason, didn’t value the company highly enough. Empirically, Mr. Parsons’ argument is right, despite the wisdom of crowds: “It never made any sense analytically that XM was worth less than Sirius,” said Craig E. Moffett, an analyst at Sanford C. Bernstein. “If anything, I was surprised that the premium was as small as it was.”
Shares of Sirius, meanwhile, which just a year and a half ago were worth less than XM’s, had leaped, partly on the back of high-profile deals like the one it signed with Howard Stern. Those deals attracted thousands of retail investors, not considered the smart money, like moths to a flame into Sirius stock.
And then Mr. Parsons played his ace: If Mr. Karmazin wanted to create the enormous savings they both projected would result from a deal — worth more than $5 billion, more than the value of either company — they needed each other. And Mr. Parsons would not play unless his shareholders could capture half of those savings.
As Mr. Karmazin explained, if the deal had been done simply, with no premium, Sirius would own about 55 percent of the company and XM would own about 45 percent. If they had tried to split the cost savings 50-50 — which Mr. Karmazin conceded was “the only fair thing to do,” Sirius would own a little more than 52 percent of the company and XM would own a bit more than 47 percent.
So why didn’t it stop there? Well, Mr. Parsons is a pushy negotiator. And Mr. Karmazin said he was willing to give in.
“I can’t do the deal without them,’ he said. “I thought it was more important for our shareholders that we do the deal.”
Even by giving the 22 percent premium, Sirius stands to save billions of dollars a year if the deal goes through.
In a statement, XM, which has hosts like Bob Dylan and Oprah Winfrey, said, “Each company believed the value of coming together was more important than one party or the other having a majority of the new combined company.”
Still, it seems as if Mr. Karmazin may be paying a premium to do the deal now so that it can be rushed through the regulatory maze while the Bush administration is still in power. Many partners in mergers of equals wait around — often for years — until their stocks align.
Mr. Karmazin disputes that view, contending that he wants a deal as soon as possible so that the savings can start. His view is that there “is no regulatory window.”
In fact, he believes that the longer the companies, both now money losers, wait to merge, the better their chances would be in Washington. That’s because new technologies will continue to emerge that may prove to be competitive with satellite radio.
But if anyone is a master of timing, it’s Mr. Karmazin. He took Infinity Broadcasting public for $17.50 a share; four years later, he sold it to CBS for $170 a share. Now his willingness to make this deal at such a curious price may be an acknowledgment of the fairy dust in Sirius stock.
DealBook also has a newsletter and a Web site, nytimes.com/dealbook, that is updated continuously when markets are open.
http://www.nytimes.com/2007/02/25/business/yourmoney/25deal.html?ref=technology
Tuning In to One Company [NYT Editorial 2.24.07]
Vigorous competition in the private sector has served the United States economy and consumers extremely well, providing a greater array of choices, more innovation and lower prices. The two — and only — satellite radio companies are now eager to merge and are arguing that together, they will prove to be the exception to the rule.
The industry is important and still young. We urge regulators to take a hard look at the companies’ proposal before leaving the field in the hands of a single player.
Sirius and XM provide subscription radio services for some 14 million customers, with each company beaming more than 100 channels of music and talk radio, much of it without commercials. The services — both less than six years old — have generated considerable excitement with things like high-profile and high-price deals, including the $725 million in cash and stock that the shock-jock Howard Stern is reported to have signed for.
Together the two services have also managed to accumulate $6 billion in losses since receiving their licenses a decade ago.
The companies’ managers argue that the $13 billion merger could finally make them profitable by letting them cut costs and redundant programs, while giving consumers more programming options for their bucks. As for the fear of creating a monopoly, they argue that competition will still come from terrestrial radio (commonly known as AM and FM), iPods and other next-generation technologies.
It is important to remember that these are not widget makers. Radios carry important discourse and debate — they are vital to the free exchange of ideas protected by the First Amendment. Recent experience shows that media consolidation usually leads to more homogeneous content, politically as well as artistically, and it rarely benefits the consumer or the country.
There is also the question of what precedent would be set if regulators accepted the broadest possible definition of audio competition, and whether that could lead to even more mergers in radio. No less troubling are reports that the companies believe that they have an incentive to merge before the Bush administration and its overly friendly-to-business regulators leave office.
The companies should, of course, be allowed to argue their case. And consumers should voice their opinions as well. Unless they want to pay for both services, subscribers are currently missing out on exclusive shows: Mr. Stern can be heard only on Sirius, and the nation’s empathizer in chief, Oprah Winfrey, only on XM. Sports fans who want football and baseball have to pay for both services.
Consumers should also recognize that XM and Sirius compete vigorously for customers, talent and corporate partners. Both even charge the same rate, $12.95 a month, a price that might well rise if there was no competition.
When XM’s and Sirius’s licenses were granted, the Federal Communications Commission stipulated that “one licensee will not be permitted to acquire control of the other.” The chairman of the F.C.C., Kevin Martin, reiterated that point this week but left the door open to a possible merger, saying, “The companies would need to demonstrate that consumers would clearly be better off with both more choice and affordable prices.” We are skeptical about the chances of that happening.
Amtech previews next week's XMSR & SIRI earnings
via www.briefing.com, Feb 23
Amtech notes that both satellite radio providers will report next week with XMSR on Monday and SIRI on Tuesday, both before the market open. With lower than expected subscriber numbers already reported by both companies, firm thinks the focus will be P&L trends and subscriber growth guidance. They expect lower losses for both companies as a result of lower subscriber additions. They say the general feeling is that the merger announcement the week before earnings reports is probably not a signal of improving business fundamentals and guidance is likely not great. Expectations for subscriber guidance have come down with SIRI missing Q4 by 300k and XMSR missing by 200k against earlier forecasts. Firm thinks slowing retail subscriber growth is expected to be offset in part by a pick-up in OEM business with the 2007 car model year, with another leg up in 2H with 2008 model introductions. They think consensus for 2007 is around 2.1 mln net new subscribers for SIRI and around 1.5 mln for XMSR. With the merger proposal, SIRI becomes the valuation driver for both stocks. Barring a material surprise in either direction, they believe the XMSR report is more likely a non-event and SIRI may have more stock relevance. They note the binary outcome on merger approval/rejection is however a more important event for the stocks than earnings or guidance from either company.
XM Radio Gets FCC Inquiry Letter Over Repeater Network >XMSR
Thursday 02/22/2007 5:57 PM ET - Dow Jones News
DOW JONES NEWSWIRES
XM Satellite Radio Holdings Inc. (XMSR) has received a Federal Communications Commission letter inquiring about its push to keep running its terrestrial repeater network, the company said Thursday.
XM wants approval to continue running the network, although the characteristics of some repeaters differ from the data submitted for the "special temporary authority" the FCC originally granted for the system, XM said in a Securities and Exchange Commission filing.
A repeater network supplements a satellite signal, ensuring seamless transmission to customers.
The Washington, D.C., company has had meetings with FCC staff members about the matter and got an inquiry letter from the agency on Feb. 15, the filing said.
The filing didn't say what information the FCC requested in the letter.
The process could result in financial penalties against XM or adverse changes to its repeater network resulting from repeaters being turned off or modified in a way that would impair service quality, according to Thursday's filing.
XM broadcasts more than 170 channels of music, news, sports and children's programming directly to cars and homes. It recently announced plans to merge with competitor Sirius Satellite Radio Inc. (SIRI).
XM shares closed Thursday at $15.34, up 9 cents.
-Greg Wright, Dow Jones Newswires; 202-862-3546; gregory.wright@dowjones.com
> Dow Jones Newswires
02-22-07 1756ET
Copyright (c) 2007 Dow Jones & Company, Inc.
News for 'XMSR' - (=DJ Arbitrage Spreads On Pending Mergers &
Acquisitions -5-)
XM Satellite Radio Holdings Inc. (XMSR), Sirius Satellite Radio Inc.
(SIRI)
Premium offered: $2.56 or 16.8%
Acquirer: SIRI
Target: XMSR
Shares offered per share: 4.6 shares
Value of offer per share: $17.76
Value of outstanding common equity: $4,767,486,000
Acquirer share price: $3.86
Target share price: $15.20
Expected closing: End of 2007 12/31/2007
Annualized gain: 19.7%
News for 'XMSR' - (Lawmakers To Hold XM/Sirius Merger Hearing)
Feb 22, 2007 (financialwire.net via COMTEX) -- February 22,
2007(FinancialWire)A Congressional task force is set to hold a hearing next week
on
the proposed merger of satellite radio companies XM (NASDAQ: XMSR) and
Sirius(NASDAQ:SIRI).
Sirius chief executive Mel Karmazin will testify at the hearing. The
merger mustbeapproved by the US Justice department and the FCC before
it can legally
takeplace.Some investors are concerned that the merger may not meet
with regulatory
approval as it violates antitrust provisions against a monopoly.The two
companies have said that the deal won't hurt consumers because
satelliteradiofaces competition from advertising supported terrestrial
radio stations,
as well as wireless devices and podcasts. Republican committee member
LamarSmithsaid that the hearing will focus on the merger's potential
impact on
consumers.For up-to-the-minute news, features and links click on
http://www.FinancialWire.netFinancialWire is an independent,
proprietary news service of Investrend
Information, a division of Investrend Communications, Inc. It is not a
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financialwire.net, Inc. All rights reserved.
-0-Source: Comtex Wall Street News
News for 'XMSR' - (DJ CORRECT: Sirius Satellite: XM Will Survive Sirius
Subsidiary)
XM Satellite Radio Holdings Inc. (XMSR) will be the surviving
company
following the proposed merger between it and a newly formed, wholly
owned
subsidiary of Sirius Satellite Radio Inc. (SIRI), a regulatory filing
said.
(The headline "Sirius Satellite: XM Will Be Surviving Co Following
Merger," published at 6:24 p.m. EST., incorrectly indicated that XM
would
be the surviving company in the proposed merger between the Sirius
parent
company and XM.)
(END) Dow Jones Newswires February 21, 2007 18:49 ET (23:49 GMT)
Copyright (c) 2007 Dow Jones & Company, Inc.- - 06 49 PM EST 02-21-07
Source: DJ Broad Tape
News for 'SIRI' - (Sales of satellite radio receivers remain steady)
Feb 21, 2007 (Post-Bulletin - McClatchy-Tribune Business News via
COMTEX) --Whatkind of reception is a proposed merger between the two
satellite radio
providers picking up from Rochester music and sports fans?Sirius
Satellite Radio and XM Satellite Radio announced the plan earlier
thisweek,and it doesn't seem to have hurt sales of each company's
equipment.
Sales of both are still steady, says Rochester Best Buy sales
representativeMikeConard. Neither one seems more popular than the
other.
"Both are very, very competitive," he says.The companies do not release
subscriber numbers for specific areas such as
Rochester or Minnesota.The main differences between the two is XM's
focus on music along with
OprahWinfrey,Bob Dylan and major league baseball while Sirius has an
edge in the
sports area with pro football and racing, along with Howard
Stern.Sports is why Greg Nicholay of Rochester subscribes to Sirius, which he
listenstoin his car.
"The reason I went out and got it was that I could listen to all of the
NFLgames,"he said. "And I'm a graduate of the Naval Academy, and they
carry all
the Navy games.However the merger plays out, Nicholay wants to keep
listening.
"I use it a lot," he said. " Hopefully down the road ... in my next
car,
I'dhaveit installed."
XM previously carried NASCAR races, but Sirius picked that up in
January.
Nowthatrace season is in full swing, listeners are really noticing.
"Lately, I've had a lot people coming in who had XM to listen to NASCAR
saying,'Switchme to Sirius,'" Conard said.
The proposed merger, however, has clouded the issue of which company
offerswhich -- sports or music.
"Some people are buying (equipment) because they say it will be
lumpedtogether,"Conard said. "They say it won't matter (which system you
choose)
eventually."XM radio receivers can't receive signals from Sirius and
vice versa. The
companies are working on developing a receiver that could receive both
signals.In the meantime, they said, assuming the deal goes through, the
companies
wouldmakeother arrangements to provide programming that's currently
exclusive to
oneproviderto listeners of the other, such as getting Major League
Baseball games
-- currently only available on XM -- to Sirius listeners.By Jeff Kiger
To see more of the Post-Bulletin, or to subscribe to the newspaper, go
to http://www.postbulletin.com.
Copyright (c) 2007, Post-Bulletin, Rochester, Minn.-0-SUBJECT CODE:
RC
Source: Comtex Wall Street News
bellwetherreport.com: Exploring the Future Trends of XM Satellite Radio Holdings Inc.
26 minutes ago - M2
XM Satellite Radio Holdings is an out-of-this-world radio broadcaster. The company provides direct satellite radio broadcasts to more than 7.5 million subscribers in the US offering more than 160 channels of commercial-free music, as well as news, talk shows, and sports. Its offerings cover the entire spectrum of musical genres, including concerts and programs hosted by such popular artists as Bob Dylan and Snoop Dogg. XM Satellite also broadcasts live games from Major League Baseball, the National Hockey League, and college sports. In addition, it provides local traffic and weather in more than 20 metropolitan markets. Subscription fees make up about 90% of the company's revenue.
Shares were down 3% as analysts say proposed merger is unlikely to happen.
BellwetherReport.com is a leading online research firm for international investors looking to get an edge over their portfolio. Investors seeking the most up to date information on XM Satellite Radio Holdings Inc. are invited to sign up for a free complimentary subscription to www.bellwetherreport.com. No credit card needed!
Shares of XM Satellite Radio Inc. and Sirius Satellite Radio Inc. headed lower Wednesday amid worries that their proposed merger may not get approval from regulators.
XM shares slid 5.3% to $14.60 after gaining 10% on Tuesday, while Sirius shed 3.3% to $3.79 following a 6% advance in the previous session.
Under the proposed deal, investors in XM would get 4.6 shares of Sirius common stock for each XM share they own. The $13 billion transaction includes debt of about $1.6 billion.
But analysts say the deal is unlikely to gain approval by the Federal Communications Commission and the U.S. Department of Justice, who may object to the reduction of the satellite radio market from two players to one.
More information on XM Satellite Radio Holdings Inc. available in the members section of www.BellwetherReport.com.
To review research on XM Satellite Radio Holdings Inc. as well as many more exciting articles we encourage you to visit www.bellwetherreport.com. You can find these reports under the "Today's Articles" section. No credit Card Needed!!
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Information has been gathered from sources such as www.Hoovers.com, www.yahoo.com, www.associatedpress.com, www.marketwire.com, www.businesswire.com and other public resources.
All material herein was prepared by the Bellwetherreport.com, (Bellwether) based upon information believed to be reliable. The information contained herein is not guaranteed by Bellwether to be accurate, and should not be considered to be all-inclusive. The companies that are discussed in this opinion have not approved the statements made in this opinion. This opinion contains forward-looking statements that involve risks and uncertainties. This material is for informational purposes only and should not be construed as an offer or solicitation of an offer to buy or sell securities. Bellwether is not a licensed broker, broker dealer, market maker, investment banker, investment advisor, analyst or underwriter. Please consult a broker before purchasing or selling any securities viewed on or mentioned herein. Bellwether may receive compensation in cash or shares from independent third parties or from the companies mentioned.
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You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and Bellwether undertakes no obligation to update such statements.
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hexonx, good to hear. I love the Free Press, I'm from that area.
J
News for 'SIRI' - (Detroit Free Press Heather Newman column: CEO tells
how
Sirius-XM merger would work)
Feb 21, 2007 (Detroit Free Press - McClatchy-Tribune Business News via
COMTEX)--Sirius Satellite Radio and XM Satellite Radio hope to merge,
but the
channelsthatsubscribers get probably won't broaden immediately.
Company executives spelled out more details about the proposed merger
betweenthetwo satellite radio companies in a news conference Tuesday.
Here's what
youneedto know as a current (or future) customer:
QUESTION: How is the merger possible? Doesn't it create a
monopoly?ANSWER: In the sense that one company would control both of the satellite
radiolicensesin this country, yes. The Federal Communications
Commission prohibited
one company from owning both licenses when they were originally sold 10
yearsago,and that may be a significant roadblock to the merger.
Officials for the companies said they feel that competition from
terrestrialradio,MP3 players and other audio entertainment sources
provides the necessary
checks and balances to pass antitrust regulatory hurdles."Consumers
have a huge array of choice," Sirius chief executive Mel
Karmazinsaid.Q: Will prices change if the merger goes through?
A: Probably not right away. While the companies will see a dramatic
reduction incostsdue to consolidating, they've got a lot of debt to
make up.
Q: Will my channels change before the merger?A: No. Programming and
radios will remain the same until a merger is
approved.Q: Will my channels change right away after the merger?
A: Yes, most likely. Company officials said that some programming that
wasexclusiveto one service or the other (Howard Stern, for example, or
Oprah
Winfrey) might become available on both.In the long term, the company
hopes to replace current radios with ones
thatreceivetransmissions from both services, enabling them to expand
the number of
different channels they offer by eliminating those that are
essentiallyduplicatedbetween the two lineups.
Q: Will satellite radio still be built into my new car?A: Yes. It's
telling that in the proposed new board of directors,
representatives from General Motors and Honda would both have
seats."Our radios will be smaller, lighter, simpler and cooler than what each
companyhastoday," Karmazin said.
Q: Why do the companies want to merge?A: Other than controlling the
market? They're losing boatloads of money.
Neitherservicehas officially posted a profit. While subscribers over
the last 10 years
have grown strongly, sales have been flatter recently. And there are a
ton
ofredundancies,as they like to say in the business world, between both
services:
hardware, channels and departments that do identical things.Contact
HEATHER NEWMAN at 313-223-3336 or hnewman@freepress.com.
By Heather NewmanCopyright(c) 2007, Detroit Free Press
-0-SUBJECT CODE: DE
Source: Comtex Wall Street News
Both companies are broke.. We shall see what happens..
I love this company. I remember the days when XM was $1.40 and SIRI was .42 lows about 6 yrs ago.. What fun it was.. Now I own 2 recievers and love my XM!
Justa
News for 'SIRI' - (=DJ UPDATE:Karmazin Confident XM Deal Synergies
Could
Be $5B-$6B) (Adds more details from conference call throughout.)
By Ellen Sheng
Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--By combining, XM Satellite Radio Holdings Inc.
(XMSR) and Sirius Satellite Radio Inc. (SIRI) could save between $5
billion to $6 billion, Mel Karmazin, chief executive of Sirius, said
Tuesday.
"There are synergies in every line item of the income statement,"
Karmazin said on a conference call, noting savings on everything from
catering bills to legal expenses.
Wall Street analysts have in the past estimated between $3 billion to
$7
billion in savings from a merger. Cost savings, which are expected to
equal or exceed the market capitalization of one of the companies, will
help the combined company generate more cash flow and reach
profitability
sooner.
Putting to rest months of speculation, XM and Sirius announced their
intention to combine in a merger of equals on Monday. XM and Sirius
shareholders will each own 50% of the combined company.
The big question mark hanging over the merger is regulatory approval.
Speaking on a conference call Tuesday, executives said they are
confident
that the deal has more than a 50% chance of approval. The deal benefits
not only shareholders but consumers as well, they said. Combined, they
said, the companies will be able to offer broader content choices and
faster technological innovation, all on a smaller combined budget.
A combined company will also benefit from more advertising interest.
Together, the companies have about 14 million subscribers, making the
combined company a more attractive nationwide advertiser, Karmazin
said.
The companies are working closely with regulators. The proposal will
be
put before shareholders in four to six months, executives said.
Regulatory
approval is expected within nine months, and the companies expect the
deal
will close by the end of the year. It comes with a $175 million breakup
fee if one of the boards does not approve the transaction.
Meanwhile, operations at the two companies will remain independent
and
unchanged until the deal closes. Karmazin will stay on as CEO of the
new
company, which does not yet have a name. Gary Parsons, XM's chairman,
will
become chairman of the combined company.
Integrating the operations of the two companies may take quite some
time. Besides deciding on the base of operations - XM is based in
Washington, D.C., while Sirius is in New York - the companies'
satellites
and equipment will need to be integrated slowly without disrupting
current
agreements with car makers and programmers.
William Kidd, an analyst at Wedbush Morgan, expects that it will take
three to five years for many of the revenue synergies to be realized.
Shares of XM rose $1.66, or 12%, to $15.66 in recent trading. Sirius'
stock was up 27 cents, or 7%, to $3.96.
-By Ellen Sheng, Dow Jones Newswires; 201-938-5863;
ellen.sheng@dowjones.com
(END) Dow Jones Newswires February 20, 2007 10:43 ET (15:43 GMT)
Copyright (c) 2007 Dow Jones & Company, Inc.- - 10 43 AM EST
02-20-07Source: DJ Broad Tape
Link to conference call
SIRIUS Satellite Radio & XM Satellite Radio to Combine in Merger of Equals
Tuesday, February 20, 2007 8:30 a.m. ET
http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=69614&eventID=1483711
Can someone explain how one would benefit playing the options on either Sirius or XM???
By: roybean3
19 Feb 2007, 01:51 PM EST
Msg. 154267 of 154292
Jump to msg. #
Sirius, XM Shares Rise in Germany on Merger Speculation
By Christopher Stern
Feb. 19 (Bloomberg) -- Shares of XM Satellite Radio Holdings Inc. and Sirius Satellite Radio Holdings Inc. rose in Germany after a published report said the rival pay radio services may announce a merger as soon as today.
Sirius, based in New York, rose 27 cents to 3.05 euros ($4.01) in Germany, the equivalent of an 8.4 percent gain from the Feb. 16 close of $3.70 on the Nasdaq Stock Market. Washington-based XM rose 47 cents to 11.09 euros ($14.59) in Germany, up 4.4 percent from its U.S. close of $13.98.
The New York Post reported the companies may announce a merger today, citing an unidentified person familiar with the talks. Sirius would be expected to have a larger share of the combined company because of its greater market value, the newspaper reported. XM has more subscribers.
A proposed merger would face hurdles including U.S. Federal Communications Commission regulations that bar the companies from combining. The agency has the authority to rescind the ban. Sirius and XM have lost billions competing against each other and the industry faces competition for listeners from high-definition radio and portable music players such as the iPods.
Patrick Reilly, a spokesman for Sirius, didn't immediately return a phone call at his office. XM spokesman Nathaniel Brown was also unavailable.
Shares of both companies rose on Friday, Feb. 16, the last day of trading before the President's Day observance in the U.S. today. XM gained 7.7 percent and Sirius advanced 2.8 percent as Bear, Stearns & Co. analyst Robert Peck in New York predicted the two companies would try to rescind the ban.
Regulatory Hurdles
``We think that both XM and Sirius believe a proposed merger could likely pass the regulatory hurdles, which we think would push them to attempt a merger,'' Peck wrote to investors. He rates XM shares ``outperform'' and Sirius ``peer perform'' and doesn't own either.
Sirius Chief Executive Officer Mel Karmazin sparked talk of a merger in June, saying he would be interested in buying rival XM if the price were right.
``Clear synergies are likely there,'' XM Chairman Gary Parsons said at a Citigroup Inc. investment conference on Jan. 9 in Las Vegas.
XM finished the year with 7.63 million subscribers, shy of the 7.7 million to 7.9 million it had forecast in November. The number of users rose 29 percent from 2005.
Sirius subscribers increased 82 percent to 6 million last year, in line with its forecast.
As of Feb. 16, Sirius had a market value of $5.2 billion, while XM was valued at $3.75 billion.
From: Sirius_Rich of 6388
* Greater Programming and Content Choices -- The combined company is
committed to consumer choice, including offering consumers the ability
to pick and choose the channels and content they want on a more a la
carte basis. The combined company will also provide consumers with a
broader selection of content, including a wide range of commercial-free
music channels, exclusive and non-exclusive sports coverage, news,
talk, and entertainment programming. Together, XM and SIRIUS will be
able to improve on products such as real-time traffic and rear-seat
video and introduce new ones such as advanced data services including
enhanced traffic, weather and infotainment offerings.
* Accelerated Technological Innovation -- The merger will enable the
combined company to develop and introduce a wider range of lower cost,
easy-to-use, and multi-functional devices through efficiencies in chip
set and radio design and procurement. Such innovation is essential to
remaining competitive in the consumer electronics-driven world of audio
entertainment.
* Benefits to OEM and Retail Partners -- The combined company will offer
automakers and retailers the opportunity to provide a broader content
offering to their customers. Consumer electronics retailers, including
Best Buy, Circuit City, RadioShack, Wal-Mart and others, will benefit
from enhanced product offerings that should allow satellite radio to
compete more effectively.
* Enhanced Financial Performance -- This transaction will enhance the
long-term financial success of satellite radio by allowing the combined
company to better manage its costs through sales and marketing and
subscriber acquisition efficiencies, satellite fleet synergies, combined
R&D and other benefits from economies of scale. Wall Street equity
analysts have published estimates of the present value of cost synergies
ranging from $3 billion to $7 billion.
* More Competitive Audio Entertainment Provider -- The combination of an
enhanced programming lineup with improved technology, distribution and
financials will better position satellite radio to compete for
consumers' attention and entertainment dollars against a host of
products and services in the highly competitive and rapidly evolving
audio entertainment marketplace. In addition to existing competition
from free "over-the-air" AM and FM radio as well as iPods and mobile
phone streaming, satellite radio will face new challenges from the rapid
growth of HD Radio, Internet radio and next generation wireless
technologies.
"We are excited for the many opportunities that an XM and SIRIUS combination will provide consumers," said Gary Parsons, Chairman of XM Satellite Radio and Hugh Panero, CEO of XM Satellite Radio, in a joint statement. "The combined company will be better positioned to compete effectively with the continually expanding array of entertainment alternatives that consumers have embraced since the Federal Communications Commission (FCC) first granted our satellite radio licenses a decade ago."
"This combination is the next logical step in the evolution of audio entertainment," said Mel Karmazin, CEO of SIRIUS Satellite Radio. "Together, our best-in-class management team and programming content will create unprecedented choice for consumers, while creating long-term value for shareholders of both companies. The combined company will be positioned to capitalize on SIRIUS and XM's complementary distribution and licensing agreements to enhance availability of satellite radios, offer expanded content to subscribers, drive increased advertising revenue and reduce expenses. Each of our companies has a strong commitment to providing listeners the broadest range of music, news, sports and entertainment and the best customer service possible. We look forward to sharing the benefits of the exciting new growth opportunities this combination will provide with all of our stakeholders."
The transaction is subject to approval by both companies' shareholders, the satisfaction of customary closing conditions and regulatory review and approvals, including antitrust agencies and the FCC. Pending regulatory approval, the companies expect the transaction to be completed by the end of 2007.
SIRIUS's financial advisor on the transaction is Morgan Stanley and Simpson Thacher & Bartlett LLP and Wiley Rein LLP are acting as legal counsel. XM's financial advisor on the transaction is J.P. Morgan Securities Inc. and Skadden Arps, Slate, Meagher & Flom LLP; Jones Day; and Latham & Watkins LLP are acting as legal counsel.
Conference Call and Webcast Information
The companies will hold a joint conference call and webcast on Tuesday, February 20, 2007 at 8:30 AM ET to discuss this announcement. The conference call can be monitored by dialing 800-573-4840 within the U.S. and 617-224-4326 for all other locations, passcode 29490052. The webcast can be accessed at http://www.sirius.com and http://www.xmradio.com as well as on their satellite radio services by tuning to SIRIUS channel 122 and XM channel 200. The webcast will be archived at http://www.sirius.com and http://www.xmradio.com.
News for 'XMSR' - (DJ SIRIUS, XM To Combine In $13B Merger Of
Equals>XMSR
SIRI) DOW JONES NEWSWIRES
XM Satellite Radio Holdings Inc. (XMSR) and SIRIUS Satellite Radio
Inc.
(SIRI) have agreed to combine in a tax-free, all-stock merger of equals
with a combined enterprise value of about $13 billion, including net
debt
of about $1.6 billion.
The satellite radio operators said that, under the terms of the
agreement, XM shareholders will receive 4.6 common shares of SIRIUS for
each share of XM they own.
XM and SIRIUS shareholders will each own about 50% of the combined
company, they noted.
The companies said Mel Karmazin will be chief executive of the merged
entity, while Gary Pasons will be chairman. Karmazin is chief executive
of
SIRIUS. Parsons is XM's chairman.
The companies said they will continue to operate independently until
the
transaction is completed and will work together to determine the
combined
company's corporate name and headquarters location prior to closing.
XM is based in Washington. SIRIUS is based in New York.
-Carolyn King; 416-306-2100; AskNewswires@dowjones.com
(END) Dow Jones Newswires February 19, 2007 14:57 ET (19:57 GMT)
Copyright (c) 2007 Dow Jones & Company, Inc.- - 02 57 PM EST
02-19-07Source: DJ Broad Tape
News for 'XMSR' - (*DJ XM Hldrs To Get 4.6 Sirius Shrs For Each XM Shr)
(MORE TO FOLLOW) Dow Jones Newswires
February 19, 2007 14:48 ET (19:48 GMT) Copyright (c) 2007 Dow Jones
& Company, Inc.- - 02 48 PM EST 02-19-07
News for 'XMSR' - (*DJ SIRIUS And XM To Combine In $13 Billion Merger
Of
Equals>XMSR) (MORE TO FOLLOW) Dow Jones Newswires
February 19, 2007 14:48 ET (19:48 GMT) Copyright (c) 2007 Dow Jones
& Company, Inc.- - 02 48 PM EST 02-19-07
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