With analysts and FCC Commissioners indicating a decision won't come until next quarter, not to mention only a few government-decision days are left until the new year, it looks more and more like we'll be on the edge of our seats into 2008.

Former FCC Chairman, and current hired gun for Sirius (of the Wiley Rein namesake), referenced this during a recent teleconference with Wall Street analysts led by Bear Stearns' Victor Miller.

"DOJ always goes first in this area," Wiley told analysts on Wednesday. "It is looking more and more like a 2008 decision."

Wiley then added, "If I had anything to say, I couldn't say it, but I don't have anything to say."

[Radio & Records via Orbitcast Forums]

Wondering why the stock took a nosedive earlier today? This might be it. Members of the House of Representatives Judiciary Committee expressed concern about the DOJ's review of the proposed merger between Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc.

In a letter dated December 11th to Attorney General Michael Mukasey, Reps. John Conyers and Steve Chabot wrote:

"We were dismayed to learn of recent press reports suggesting that Justice Department staff may be trying to rush through the merger before you have an opportunity to fully participate, and that Assistant Attorney General for Antitrust Thomas O. Barnett may intend to grant the merger over the objections of department staff."

The longer this process drags on, the more and more opportunity it gives for those on Capitol Hill to make a stink about it.

[Reuters]
Thanks Mark!
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UPDATE: Interestingly enough, Conyers and Chabot were the two Congressmen who the NAB apologized about, stating that they misrepresented the members' position on the merger.

We're now on day 181 of the 180-day FCC timeclock, and many folks are undoubtedly scratching their heads (or biting their nails).

But a quick look at some of the other major transactions that the FCC had, or has, on its plate shows that this isn't necessarily out of the ordinary for the Commission:

• Adelphia Communications, Time Warner, Inc., Comcast Corporation - 404 Days
• AT&T Inc. and BellSouth Corporation - 253 Days
Clear Channel Communications, Inc. and Lee/Bain - 350 Days
• Tribune Company and Samuel Zell - 204 Days
• Verizon Communications Inc. and FairPoint Communications - 266 Days
• Liberty Media, DirecTV - 287 Days

So when Watts said that the FCC review of the Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc. transaction could take longer, well, he meant it.

Of course, the DOJ still needs to reach a decision as well, and they don't have a timeclock to adhere to - no matter how arbitrary it may be.

At yesterday's UBS Global Media conference, XM Chairman Gary Parsons said that the Department of Justice will have to approve the merger within a week or 10 days for the deal to go through this year. (UPDATE: Gary's reference to ten days had to do with getting the approval in 2007. He was not claiming that the deal was over if they didn't get the approval in the next 10 days. Sorry for the confusion.) That doesn't leave much time left.

Good, because I don't know about you, but I'm getting a little sick of this.