XM Satellite Radio Holdings Inc. (Nasdaq: XMSR) and SIRIUS Satellite Radio (Nasdaq: SIRI) have come out with a release confirming that the companies are in discussions with the Enforcement Bureau of the FCC to settle outstanding enforcement matters. The companies hope to enter into a Consent Decree with the FCC terminating these inquiries.
The companies expect to agree upon several issues as part of a possible Consent Decree, and here are some of those terms:
- Adopt comprehensive compliance plans, and take steps to address anypotentially non-compliant radios remaining in the hands of consumers;
- In the case of XM, within 60 days of the order adopting the ConsentDecree, shut down 50 variant terrestrial repeaters, and shut down orbring into compliance an additional 50 variant terrestrial repeaters;
- In the case of SIRIUS, bring into compliance or shut down up to 11variant terrestrial repeaters within 60 days of the order adopting theConsent Decree. These terrestrial repeaters were shut off by SIRIUS inOctober 2006;
- Make a voluntary contributions to the United States Treasury ofapproximately $17 million in the case of XM, and approximately $2million in the case of SIRIUS.
The companies are noting that there can be no assurances as to the ultimate outcome of these
enforcement proceedings, including whether the FCC will approve Consent Decrees under discussion with the companies.
Sirius shares are up 1% at $2.71 and XM shares are up about 4% at %10.45. Both gains are on very light trading volume so far.
Jon C. Ogg
July 24, 2008
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