Thursday, January 11, 2007

More Brokers Weigh In On Merger: Janco: Not Likely

Sat radio still full of life at CES - Janco
www.Briefing.com, Live In Play, Jan 11, 11:33 AM

Janco believes that relative valuation differences and the FCC will stall out any merger possibilities between XMSR/SIRI. They think XM's body language was mixed on the issue. They don't believe that the cos could in fact come to terms on relative valuations of the business. On a subscriber basis, SIRI continues to trade at a premium; however, they believe at the ten thousand foot level they should at least be equal. That said, firm says they have no way of valuing each class of subscribers. They also say that it is these kinds of issues, which they believe prevent the cos from coming to terms with each other. The other issue is regulatory, on which, the firm heard that in a session yesterday that the FCC Chairman Martin essentially stated that they would not approve either a DBS merger or a Sat radio merger. Consequently, they say the clamor around the merger may become more of a sigh.

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1/11/2007 11:40:00 AM

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