Reuters first on approval of XM-Sirius deal; shares rocket - 23 July

Reuters reported first on July 23 that regulators were about to approve Sirius Satellite Radio’s acquisition of rival XM Satellite Radio. Reuters was alone in reporting that one of the five FCC commissioners, Deborah Taylor Tate, was nearing an agreement to cast the tie-breaking vote to approve the deal. Bloomberg picked up the story an hour later, quoting Reuters as the source. Dow Jones Newswires was about 55 minutes behind Reuters. Shares of XM moved sharply higher after the Reuters story while Sirius shares briefly fell before they too gained ground. The gains then continued through the trading day with XM shares closing up 10.3 percent and Sirius shares ending up 12.6 percent.