The Associated Press reports that The Justice Department has approved Sirius Satellite Radio’s plan to buy its rival, XM Satellite Radio, for $5 billion.
"After a careful and thorough review of the proposed transaction, the [Justice Department's Antitrust] Division concluded that the evidence does not demonstrate that the proposed merger of XM and Sirius is likely to substantially lessen competition," according to a statement released by the D.O.J.
According to Bloomberg News, Sirius C.E.O. Mel Karmazin will become C.E.O. of the combined company and XM Chairman Gary Parsons will be made chairman.
Follow Matt Haber via RSS.