Big day for Sirius, XM
EmptyShares of Sirius Satellite Radio and XM Satellite Radio jumped Wednesday after Cowen & Co. analyst Thomas Watts said that it looks likely that their planned combination would gain Justice Department approval.
The Justice Department and the FCC must approve the planned merger, which faces scrutiny because the two are the only satellite radio broadcasters in the country. RBC Capital Markets Corp. analyst David Bank said recently that he expected the Justice Department to make its antitrust ruling within 30-60 days.
XM's 14.2% gain to $14.21 on Wednesday led The Hollywood Reporter's Showbiz 50, while Sirius followed with its 3.3% increase to $3.42.