XM, Sirius Extend Merger Deadline Until May 1

Authored by Mark Hefflinger on February 29, 2008 - 8:03am.

Washington - Still awaiting approvals from the Justice Department and Federal Communications Commission, D.C.-based XM Satellite Radio (NASD: XMSR) and New York-based rival Sirius (NASD: SIRI) said on Friday that they have extended their merger deadline until May 1. Both companies have expressed optimism about receiving the necessary regulatory approvals, although some analysts have expressed concerned about the delays in recent weeks.

Under the original terms of the $5 billion deal that was initially signed last February, either company could have pulled out of the deal if the merger wasn't completed by March 1, 2008.