The Justice Department has approved a five billion dollar take over of XM Satellite Radio by rival SIRIUS. The merger was approved despite opposition from consumer groups and an intense lobbying campaign by the american radio industry.
Regulators said the merger is not likely to substantially hurt competition or consumers.
However, the Federal Communications Commission must also approve the deal before it can officially be completed.
The merger was first announced over 12 months ago, and would see america's only two satellite radio operators have total control of the market. The merged company would have 14 million subscribers.
Category: Industry News