NAB Says Satcasters Spent $69 Million To Lobby For Merger
July 17, 2008 at 4:06 PM (PT)
The NAB takes another shot at the XM-SIRIUS merger with a press release noting that the two satellite radio firms have spent at least $69 million trying to get government approval for the merger. Public filings examined by the NAB show XM spending $29.5 million through DECEMBER 31, 2007 and SIRIUS spensing $29.4 million in 2007 and over $10 million in first quarter 2008.
NAB EVP DENNIS WHARTON said, "Given the satcasters' exorbitant spending reported so far, it is well within reason to assume their combined merger-related expenses are approaching $100 million ... From the beginning, we knew XM and SIRIUS would say anything to gain blessing for a government-sanctioned monopoly, despite their years of brazenly abusing FCC rules. Now we know they will spend anything as well. But they are also finding that government-sanctioned monopolies apparently don't come cheap."