Merger hopefuls XM Satellite Radio and Sirius are redrawing their contracts, thanks to a seemingly endless regulatory review.
The original merger agreement carried clauses that allowed either party to walk away if approvals failed to materialize. The refreshed contract extends the end date to May 1st, though it remains unclear if approvals will be granted within that timeframe.
The merger requires approvals from both the US Department of Justice and the Federal Communications Commission. After May 1st, the satellite radio companies can elect to terminate the merger agreement without penalties.
Story by news analyst Alexandra Osorio.