Sat Radio Companies Extend Merger Agreement
The satellite radio companies said they are sticking to their merger plans.
On Wednesday, Sirius and XM said they have agreed not to exercise their respective rights to terminate their merger agreement prior to May 15. The companies were forced to extend the deal earlier in the year after regulators had not issued a decision on the proposed merger.
Sirius and XM also said they have agreed to further extend the merger agreement, as necessary, for rolling two week periods unless either side notifies the other company of its intention not to extend their deal. That move was made in anticipation of obtaining a decision from the Federal Communications Commission about their pending transaction.
The closing of the merger remains subject to approval from the FCC. On March 24, the Justice Department's antitrust unit cleared the deal. And shareholders from both companies approved the merger in November.