Department of Justice Approves Sirius-XM Merger

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.

Sirius, which is home to Howard Stern, Martha Stewart, Judith Regan, The Rolling Stones, and others, will incorporate XM‘s programming which includes Oprah Winfrey, E!, and Fox News.

"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. Department of Justice Approves Sirius-XM Merger