Sirius & XM Facing New FCC Troubles? (SIRI, XMSR)

Sirius Satellite Radio (NASDAQ: SIRI) and XM Satellite Radio (NASDAQ: XMSR) just saw shares tank intra-day.  The Wall Street Journal has reported that an FCC member has voted against the merger making the vote now stand 2-1 (2 for, 1 against) with 2 votes remaining.  CNBC also just rang in on this situation so we are still looking for more solid data on this situation. 

This does cite "sources" rather than making the come out like a press release.  It also cited that discussions are continuing.

SIRI shares were down 7% at $2.25 and XMSR shares are down 7.5% at$8.36 at 1:09 PM EST and at 1:17 PM EST shares of SIRI were only downabout 4% at $2.32 and XMSR shares were only down about 3% at $8.80.

Earlier this month we did a piece discussing who some of the winners might be if satellite radio actually failed.

Jon C. Ogg
July 22, 2008