SDARS investors may have noticed a pop in the stock price of Sirius and XM this afternoon. Why the jump in price? It appears that after today's regularly scheduled FCC meeting that Chairman Martin fielded a question relating to the proposed merger of Sirius and XM Satellite Radio. Martin's response was that he "intends to bring the matter to a vote on the fourth quarter."
When asked about the merger, Martin said that the FCC is trying to meet its goal of deciding on pending mergers within 180 days. The agency began its XM- Sirius merger proceeding on June 8, which puts the FCC on schedule to rule by no later than Dec. 6.
"That's our target,'' Martin said today while speaking to reporters after the meeting.
Sirius Buzz pointed out today's meeting as a notable event in a story yesterday. The next FCC event to be aware of is the Media Ownership Hearing. While the news that the FCC is looking to make a decision in Q4 is nothing new, the trading activity on Martin's comments should give investors an idea of sentiment for the merger, and what can happen when any regulator speaks about the subject from this point forward.
Position - Long Sirius, Long XM