XM and Sirius Approve Merger

Source:
Digital Music News

“The near-unanimous green lights emerged from both camps, and predate critical regulatory decisions by both the Federal Communications Commission (FCC) and the US Department of Justice. Most expect imminent action ahead, possibly by year-end, though approvals are hardly guaranteed.”

XM Continues To Bleed

“XM finished the quarter with 8.5 million subscribers, compared with 7.2 million at the same point last year. … But a 22 percent drop in sales through retail channels deepened the company’s loss. XM also lost money in the quarter because of merger-related costs and severance pay to its former chief executive, Hugh Panero. The company, which has never earned a profit, also struggled to keep customers. … XM added 315,000 net subscribers, compared with 286,000 in the third quarter last year, the first year-over-year customer growth in more than a year.”

Source: Washington Post