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Monday, March 24, 2008

Sirius Gets DOJ Nod On XM Purchase

The U.S. Justice Department (DOJ) has approved Sirius Satellite Radio Inc.'s proposed $5-billion (U.S.) buyout of XM Satellite Radio Holdings Inc. but the purchase will still require the approval of the Federal Communications Commission (FCC) to close the deal. “The likely evolution of technology in the future, including the expected introduction in the next several years of mobile broadband Internet devices, made it even more unlikely that the transaction would harm consumers in the longer term,” the Justice Department said. The Globe and Mail has more details here.