Morgan Stanley has issued a report on the DOJ approval of the merger between Sirius and XM

REPORT EXCERPTS

Sirius Satellite Radio Quick Comment: 13 Months Later, DOJ Approves Merger

DOJ Approved Proposed Merger: Now that the DOJ approval is in, the FCC vote is all that is remaining. Following closing, the merged entity should benefit from some lift in demand from combined programming offerings – in particular offering all the sports programming and talk radio on a single platform for the first time. In the medium term, we would expect the merged entity to look for cost savings opportunities in programming, overhead, and subscriber acquisition costs. Critical swing factors in investor perception of themerger will include the ability to renegotiate large contracts on the programming and OEM front in addition to stimulating new demand and lowering the OEM conversion ratio.

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Position - Long Sirius, XM.