Like we didn’t see this one coming.

XM Satellite
Radio and SIRIUS Satellite Radio today announced
that the companies have agreed not to exercise their rights to terminate the
Merger Agreement prior to May 15, 2008. SIRIUS and XM also announced that
they have agreed to further extend the merger agreement, as necessary, for
rolling two week periods unless either side notifies the other of its
intention not to extend.

The closing of the pending merger remains subject to the approval from the
Federal Communications Commission and satisfaction of all other applicable
conditions. On March 24, 2008, the U.S. Department of Justice informed SIRIUS
and XM that it ended its investigation into the pending merger, that it has
concluded that the merger is not anti-competitive, and that it will allow the
transaction to proceed. SIRIUS and XM each obtained stockholder approval for
the pending merger in November 2007.

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