With no news from regulators and a merger agreement set to expire this weekend, Sirius Satellite Radio and XM Satellite Radio have agreed to buy themselves a little more time.
"The companies have agreed not to exercise their rights to terminate the merger agreement until May 1," the companies said in a joint statement without commenting further.
The $4 billion all-stock merger is still waiting on approval from the Department of Justice and the Federal Communications Commission. The two agreed to merge in February 2007 and had set March 1, 2008 as a deadline.
The companies want to merge to cut expenses and turn profitable sooner than they might alone. Critics have said the merger would stifle competition by creating a satellite radio monopoly.
"satellite radio monopoly" sounds like a buch of who-ha to me.
Hmm what was there before, FM/AM Broadcasting... Which is sorta free...
I see no real harm it them getting together....
