The House gets Sirius over a satellite merger
KAI RYSSDAL: Elsewhere on the Hill today it was all radio, all the time. Or maybe it’s better called all anti-trust, all the time.
The newly formed House Anti-Trust Task Force took up the proposed merger between XM and Sirius, the two satellite broadcasters. They announced last Monday that Sirius plans to buy XM in a $13 billion deal. Opponents say consumers will inevitably lose out when there’s only one company left standing.
Sirius CEO Mel Karmazin tried smoothing the waters at that task force hearing.
MEL KARMAZIN: I’m telling you today that we are committed, we are committed to not raising prices and committed to in fact lowering the price.
It’s fair to say Karmazin’s got an uphill fight on his hands. The deal still has to clear the Federal Communications Commission and the Department of Justice.
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