Mergers are almost always good for business, if you look at them objectively and stockholders often profit as a result of early buzz as well. Such seems to be the case this morning in New York as shares of both XM and Sirius are up to nearly double digits. MarketWatch has a more detailed story about the rise in stock price.
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Last week an article in the Financial Times covered the financial nightmare EMI is currently going through across the pond in the UK. It seems sluggish record sales in the US by big name artists like Janet Jackson and Robbie Williams have sold poorly here, forcing the company to re-issue a warning note to share holders making them aware of the losses likely to come this quarter.
Looks like the word on the streets is official, as news from XM came in later today announcing XM and Sirius have agreed to a merger. Of course, there are regulators already crying foul, but for now it’s a marraige made in heaven. Well for them at least.
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