DOJ Approves Sirius-XM Merger (SIRI, XMSR)

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It's about time: The U.S. Department of Justice has approved Sirius Satellite Radio's (SIRI) merger with rival XM Satellite Radio (XMSR). Next up, the FCC, which must approve the deal before it closes -- and could put some conditions on the merger. From the release:

After a careful and thorough review of the proposed transaction, the Division concluded that the evidence does not demonstrate that the proposed merger of XM and Sirius is likely to substantially lessen competition, and that the transaction therefore is not likely to harm consumers.

Why not? There's enough competition out there to prevent the satellite radio companies from jacking up prices unreasonably. Key points:

  • Once someone signs up for satellite radio service, the companies don't really compete with each other. "Although the firms in the past competed to attract new subscribers, there has never been significant competition between them for customers who have already subscribed to one or the other service and purchased the requisite equipment."

  • The companies compete with many other options for audio entertainment, like traditional radio, HD radio, Apple's (AAPL) iPods, and audio services via cellphones. Because of this competition, it's unlikely Sirius and XM, if combined, could raise prices profitably.

  • Merger synergies -- like combined development, production, distribution costs -- could create "substantial" cost savings that could get passed on to consumers.

  • New technology platforms -- like wireless networks serving up streaming Internet radio -- will only offer more alternatives to satellite radio, not fewer.

Sirius stock is up around 5%, after spiking up 14%, XM's up around 13%, after spiking up 19%.



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23 Comments

Bjorn Tipling (URL) said:
Sweet, I guess this means I can cancel one of my accounts.

Anton said:
When does SAI get its own station?


az said:
if fcc approves...

we see $6 for SIRI

maybe even soon..

Larry said:
I don't understand how this does not create a monopoly??? If you have two satellite radio services and you allow them to merge and now there are one how is that not anti-competitive? It is irrelevant that there is AM and FM and iPods. This is a load of BS.

If XM and/or Sirius could not function as a business then capitalism should have kicked in and one of them should have died on their own.

Does the Bush administration ever see a merger they don't like?

Daryl said:
Just because XM and Sirius are both satellite radio companies, it does not mean when they merge, they would form a monopoly. Satellite radio, after all, is an optional service. You do not have to subscribe to it. You have a choice. You still have your choice of "free" radio in your home and/or car if you choose not to subscribe to satellite radio. We won't even have to get into the other choice of tapes, CDs, MP3 players and gasp, the Internet. There is no area in the US that one cannot receive AM or FM radio. Unlike satellite TV, where in some areas of the country, they are the only way to get local stations. No cable, no over-the-air, no FIOS, no internet. There are other areas in the country where Clear Channel owns all the commercial radio stations in town. Tell me that is not a monopoly.

Daryl said:
Just because XM and Sirius are both satellite radio companies, it does not mean when they merge, they would form a monopoly. Satellite radio, after all, is an optional service. You do not have to subscribe to it. You have a choice. You still have your choice of "free" radio in your home and/or car if you choose not to subscribe to satellite radio. We won't even have to get into the other choice of tapes, CDs, MP3 players and gasp, the Internet. There is no area in the US that one cannot receive AM or FM radio. Unlike satellite TV, where in some areas of the country, they are the only way to get local stations. No cable, no over-the-air, no FIOS, no internet. There are other areas in the country where Clear Channel owns all the commercial radio stations in town. Tell me that is not a monopoly.

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