According to Pacific Crest Washington analyst Erik Olbeter (yeah, you know, Erik Olbeter), the seemingly ill-fated, extremely drawn out XM and Sirius merger now seems, "Less likely." It shouldn't come as any surprise if you've been following this story, which is now entering its 13th month of heel-dragging and unfulfilled promises. With last week's announcement that the deadline would be extended an additional two months, Olbeter feels that, "Prospects for the merger have become increasingly cloudy." He goes on to suggest that, "The FCC and Department of Justice are having a hard time justifying the deal," though he believes that both are, "inclined to approve the merger." Still, not a terrific outlook by any means, and certainly a contributor to the increasing feeling that this thing might never really happen.

[Via Orbitcast]