The Justice Department today approved Sirius Satellite Radio’s $5 billion buyout of rival XM Satellite Radio. Shareholders had approved the deal in November.
Consumer groups and the National Association of Broadcasters were strongly opposed to the merger and campaigned against it. TVNewsday reports the Justice Department argued that the deal was unlikely to hurt competition or consumers, since both companies compete not just with each other but also with other forms of radio and entertainment.
XM and Sirius say the merger will save hundreds of millions of dollars in operating costs .