Sirius/XM Merger Hearing Held By Congress
February 28, 2007 at 1:02 PM (PT)
The SIRIUS/XM merger was a hot topic in front of Congress this afternoon. With Chairman JOHN CONYERS (D-MI) presiding, the hearing got off to a somewhat humorous start, with CONYERS stumbling over the pronounciation of SIRIUS, coming closest with "syy-russ."
Some of the verbal highlights included NAB President DAVID REHR referring to the proposed merger on at least three occasions as "a government-sanctioned monopoly" during his heated opinion against the merger.
SIRIUS CEO MEL KARMAZIN repeated several times, "This [merger] would be in the consumers best interest." In fact, he told CONYERS he could "count on it... Trust me."
CONYERS pointed out the hearing was "a good beginning," commending KARMAZIN on his "defense of earlier positions." But he added the violations of repeater interference was "an issue," adding, "Trust me, it isn't going to work here."