A deal about nothing
On the deal front, it has been a day of frustration and denial. Cablevision's board has rejected a sweetened $8.9 billion bid from the Dolan family. Now that the bidding for The Tribune Co. has come to an end, the lack of an announcement suggests that the board isn't about to accept any of them. And Federal Communications Commissioner Kevin Martin indicated today that XM and Sirius's satellite radio licenses would preclude the merger that many investors have been urging. Shares of XM dropped 10% and shares of Sirius dropped 7%. It's the Seinfeld effect: a story about nothing.
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