Justice Dept. Approves Sirius/XM merger

Author: colson

24 Mar

Justice Dept Approves XM-Sirius Deal

WASHINGTON (AP) – The Justice Department approved Sirius Satellite Radio’s $5 billion buyout of rival XM Satellite Radio on Monday, saying the deal was unlikely to hurt competition or consumers.

The Justice Department, in a lengthy news release explaining its decision, said the two companies compete not just with each other but also with other forms of radio and entertainment.

“The likely evolution of technology in the future, including the expected introduction in the next several years of mobile broadband Internet devices, made it even more unlikely that the transaction would harm consumers in the longer term,” the Justice Department said. “Accordingly, the division has closed its investigation of the proposed merger.”