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.