The proposed XM Satellite Radio Holdings Inc.-Sirius Satellite Radio Inc. merger was announced over a year ago, and it still has been hung up at the Federal Communications Commission and the Justice Department. "Mad Money" maestro Jim Cramer thinks he knows why, and he's mad as hell about it.
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Cramer has identified five congressmen, Roy Blunt, R-Mo., Tom Cole, R-Ariz., Gene Green, D.-Texas, Louise Slaughter, D.-N.Y., and John Spratt, D-N.C., who took donations from the National Association of Broadcasters, which naturally oppose the merger. In a world rife with lobbyists and awash in campaign donations, this would not necessarily appear to be a big deal, but the five also signed a bipartisan letter opposing the satellite radio deal to the FCC. Cramer believes there's something fishy, and he felt so passionate about it that he took his campaign to -- of all places -- ABC's "Jimmy Kimmel Live" to explain why.
Between Stephen Colbert's explanation of Sharper Image's bankruptcy, and Cramer's appearance on Kimmel, Dealscape may have to start staying up later. - Matthew Wurtzel
See the story at CNBC's Mad Money blog
See Kimmel segment from YouTube
See related story about extending deal deadline from the Financial Times
See Dealwatch: XM-Sirius
