Satellite Merger Officially Filed With SEC
Mar 21, 2007 19:46:34 GMT -5
Post by 🅳🅸🆂🅲🅾 on Mar 21, 2007 19:46:34 GMT -5
Satellite Merger Officially Filed With SEC
March 21, 2007
The proposal is now official, as XM and Sirius have filed officially with the Security and Exchange Commission (SEC), asking for regulatory approval over the merger of the two satcasters. The document was filed by high-powered D.C.-based law firms Riley, Rein, LLP and Latham & Watkins, LLP.
The extensive document echoes the statements of Sirius CEO Mel Karmazin at his recent Senate subcommittee testimonies, claiming that the merger "will generate substantial, merger-specific public interest benefits." Also, it promises that the new company will offer consumers "programming choices on a more a la carte basis at lower prices," as well as confirming plans for the chance to "elect to receive fewer channels at a monthly price lower than $12.95...including some of the 'best of both' networks, at a modest premium to the cost of one service, and considerably less than the cost of subscribing to both services."
The filing also confirms Karmazin's new revelation that "consumers will also be able to block adult-themed channels and receive a price credit for those channels. Subscribers could continue to use their existing radios or eventually purchase new radios capable of receiving all of the content of both services when they become available."
In the SEC filing, it was also reiterated that "the merger will not harm competition in any market, because a combined satellite radio provider will have no market power, let alone be able to dominate the market."
www.fmqb.com/Article.asp?id=374349
March 21, 2007
The proposal is now official, as XM and Sirius have filed officially with the Security and Exchange Commission (SEC), asking for regulatory approval over the merger of the two satcasters. The document was filed by high-powered D.C.-based law firms Riley, Rein, LLP and Latham & Watkins, LLP.
The extensive document echoes the statements of Sirius CEO Mel Karmazin at his recent Senate subcommittee testimonies, claiming that the merger "will generate substantial, merger-specific public interest benefits." Also, it promises that the new company will offer consumers "programming choices on a more a la carte basis at lower prices," as well as confirming plans for the chance to "elect to receive fewer channels at a monthly price lower than $12.95...including some of the 'best of both' networks, at a modest premium to the cost of one service, and considerably less than the cost of subscribing to both services."
The filing also confirms Karmazin's new revelation that "consumers will also be able to block adult-themed channels and receive a price credit for those channels. Subscribers could continue to use their existing radios or eventually purchase new radios capable of receiving all of the content of both services when they become available."
In the SEC filing, it was also reiterated that "the merger will not harm competition in any market, because a combined satellite radio provider will have no market power, let alone be able to dominate the market."
www.fmqb.com/Article.asp?id=374349