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Sirius/XM Extend Merger Pact

4/30/2008 03:18:00 PM Eastern

Washington — XM Satellite Radio and Sirius Satellite Radio today announced that the companies have agreed, for the second time, not to exercise their rights to terminate their merger agreement.

The original agreement by the companies to merge, originally filed in February 2007, included a common termination clause, allowing the parties to abandon the deal if it was not concluded by March 2008. The companies extended that agreement earlier this year and today announced they would continue to extend the agreement “as necessary, for rolling two-week periods unless either side notifies the other of its intention not to extend.”

The proposed merger has been approved by the U.S. Department of Justice, but awaits final approval by the Federal Communications Commission.  

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