Yes, satellite-radio watchers, there is a radio-industry courtship longer than the seven-month engagement between Sirius (NASDAQ:SIRI) and XM (NASDAQ:XMSR). Clear Channel (NYSE:CCU) shareholders finally agreed on a $19.5 billion deal that will cash out the terrestrial giant. The buyout was first announced 10 months ago, probably around the time that Guglielmo Marconi was fiddling around with the radio.

This is what bugs me, though. The hangup for Clear Channel hasn't been regulatory approval. Price proved to be the sticking point, ultimately bumped to $39.20 per share in cash with a little stub equity kicker to placate tight-gripped shareholders.

Obviously, this isn't a combination of two different companies, so the same antitrust rules don't apply, but why is everyone raising a stink about XM and Sirius combining in a deal valued at less than $10 billion? That is half the market valuation behind Clear Channel's exit.

The circumstances are obviously different, but it's clear that XM and Sirius have plenty of valuable competition in attracting eardrums.

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