Sirius CFO Confident Sat-merger Is Close
December 5, 2007 at 5:41 AM (PT)
SIRIUS SATELLITE RADIO remains hopeful that it can close its acquisition of XM SATELLITE RADIO by the end of the year, as the DEPARTMENT OF JUSTICE has "little left to do" to complete its review of the proposed transaction, SIRIUS CFO DAVID FREAR told investors on TUESDAY
FREAR spoke at the annual UBS GLOBAL MEDIA AND COMMUNICATIONS CONFERENCE in NEW YORK.
Should the deal not go through, FREAR said there is "no way" SIRIUS would consider a la carte pricing, which would allow subscribers to pay for only the channels they choose.
XM signed an agreement in FEBRUARY outlining a sale to SIRIUS in a $13.6 billion deal that has drawn close regulatory scrutiny. Terms call for SIRIUS to pay 4.6 shares for each XM share. Once the DOJ has made its decision on the deal, it must still be approved by the FCC before it can be completed.