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Thursday, July 24, 2008

FCC reaches deal to approve XM-Sirius merger


NEW YORK, July 24 (Reuters) - Commissioners at the Federal Communications Commission have reached an agreement to approve Sirius Satellite Radio Inc's (SIRI.O: Quote, Profile, Research, Stock Buzz) purchase of XM Satellite Radio Holdings Inc (XMSR.O: Quote, Profile, Research, Stock Buzz), the Wall Street Journal reported on Thursday.

Republican commissioner Deborah Taylor Tate agreed to cast a tie-breaking vote in favor of the deal after winning several concessions from the companies involving enforcement issues.

"I think it's fair to say an agreement in principle has been reached," FCC Chairman Kevin Martin was quoted by the Journal as saying. (Reporting by M. Gershberg, editing by G. McCormick)
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