FCC's Adelstein, Tate cross the aisle over XM-Sirius
Tate has been pushing the agency's enforcement bureau to fine both XM Satellite Radio Holdings Inc. and Sirius Satellite Radio Inc., two companies that are seeking regulatory approval from the FCC for a $13 billion deal. At least that's what people close to the Republican commissioner are saying. Tate declined to comment to The Deal about the XM-Sirius deal on Monday, but according to regulatory filings has met with attorneys for both companies and enforcement bureau staffers to discuss the issue.
Adelstein also reiterated his push to have an independent committee to monitor whether the combined company complies with merger conditions imposed by the commission. Adelstein said he hoped the monitor committee would reflect the type of independent review trustees the Federal Trade Commission employ to oversee whether that agency's merger conditions are complied with.
Presumably, the independent committee would be paid for by XM-Sirius funds but be approved by FCC officials.
Do whatever you gotta do Deb, enforce the hell out of us. If this is all she wants to tack onto Martin's proposal I would be very pleased. Anyone see any added cost to the combined company in this scenario besides one-time fines? (Of which there has been no real discussion of dollar amount) If they are required to pay for the committee, how much could that even be? I can't imagine it being a huge burden.
Where does the SIRI/XM Fine Money Go?
The FCC's own account? The General Fund? The US Treasury? Sent to the banks as a drop in the bucket toward the trillion dollar bail out?