In a press release the Justice Department said, “After a careful and thorough review of the proposed transaction, [the department’s antitrust division] concluded that the evidence does not demonstrate that the proposed merger of XM and Sirius is likely to substantially lessen competition, and that the transaction therefore is not likely to harm consumers.”
Cramer noted that the merger still requires approval by the Federal Communications Commission (FCC), an agency which Cramer lambasted as the “Federal Cartel Creators”.
According to Cramer, the FCC’s one-year, 35-day approval process is a travesty of justice and only denies consumers more choice and lower prices. He once again urged viewers to visit the FCC’s Website at www.fcc.gov to voice their support for the merger.
Cramer says Sirius will go to $5 if the merger gets final approval.
