NAB, Congress react to merger approval; XM and Sirius let haters hate, watch money pile up

Nilay Patel
N. Patel|03.24.08

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NAB, Congress react to merger approval; XM and Sirius let haters hate, watch money pile up
Well, it's only been a couple hours since the DOJ officially approved the XM / Sirius merger, and while we're a little surprised at how low-profile the two satellite radio services are being about the decision, there's nothing at all shocking about NAB's reaction -- the organization says it's "astonished," and that the Justice Department's decision to "propose granting a monopoly" to the two companies is "breathtaking." Yeah, they're not happy. Same goes for various members of Congress: Rep. Ed Markey, head of the House telecom subcommittee, expressed his disappointment that "the Bush administration has apparently never seen a telecommunications merger it didn't like," and suggested FCC approval would have to come with strict conditions, while Sen. Herb Kohl flatly said the deal would "create a satellite radio monopoly" and encouraged the FCC to block it. That's a lot of haterade -- but XM and Sirius are apparently too busy looking deeply into each other's eyes as their respective stock prices soar, because the only post-decision statement either company has made is a rehash of a months-old list of organizations and people that support the merger. Ah, young love -- so innocent, so oblivious.

Read - NAB statement
Read - Bloomberg article with Congressional reaction
Read - XM list of supporters
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