With McDowell Pro Merger, Tate's Vote Holds The Key
July 14, 2008 at 6:36 AM (PT)
Shares of the satellite radio companies plunged briefly after FCC Chairman KEVIN MARTIN said more concessions from SIRIUS and XM might be needed before their merger plan is approved, writes THE HOLLYWOOD REPORTER.
By the end of trading FRIDAY, though, investors factored in the bullish news that MARTIN and another commissioner already are convinced that the FCC should not block the merger, meaning the satellite radio firms are one vote away from approval.
According to published reports, that vote belongs to commissioner DEBORAH TAYLOR TATE, a Republican. Besides MARTIN, ROBERT MCDOWELL, another Republican, has voiced his support for the deal.