With a Goldman downgrade and a foot dragging FCC Sirius and XM shareholders have taken a beating. There is reason to believe that the Federal Communications Commission will follow in the footsteps of the Justice Department and finally approve the merger between XM and Sirius but the real question is when? The question at hand is the FCC waiting this out to make one company insolvent and therefore making their job a moot point?
To make matters worse, Goldman downgraded Sirius stating that the stock will be worth 1.75 without the merger…for the stockholders that have been long Sirius for quite sometime….yikes!
I still believe the merger will go through and I am still long SIRI.
