U.S. regulators reached an agreement to conditionally approve Sirius Satellite Radio Inc's purchase of XM Satellite Radio Holdings Inc as the companies said they would pay millions of dollars to settle allegations of past rule violations.
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The Federal Communications Commission was close to an agreement Wednesday to conditionally approve the merger of Sirius Satellite Radio and XM Satellite Radio, three FCC officials said.
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The Federal Communications Commission said today it fined XM Satellite Radio and Sirius Satellite Radio about $20 million for past technical violations, in what may be the final step before approving the companies' merger.
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The 16-month merger drama has ended: the FCC has approved Sirius Satellite Radio (nasdaq: SIRI - news - people )’s $3.6 billion buyout of rival XM Satellite Radio (nasdaq: XMSR - news - people ), which means that there will only be one sat radio operator in the country now, with 18 million-plus subscribers.
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A majority of FCC commissioners have voted in favor of punishing Comcast for blocking subscribers' internet traffic. However, the decision will not be final until all five members have cast their votes; the commission is scheduled to take up the issue at its Aug. 1 meeting.
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Three out of five FCC commissioners have voted in favor of punishing Comcast for blocking subscribers' Internet traffic. A move that most likely guarantees approval of the item, even if two other FCC commissioners voted against it.
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