Is the "largest insider purchase ever" at XM Satellite Radio an indication of the increased chances of a Sirius-XM merger? That's what the Wall Street Journal is suggesting in an article today.

XM director Jeffrey Zients reported Friday buying over $3 million worth of XMSR shares.
Zients paid $11.14 a share for 270,000 XM shares last Wednesday, according to the Securities and Exchange Commission filing. The purchase represents the largest reported purchase by an insider since XM went public in 1999.

So is this an indication some "insider knowledge" that the XM-Sirius merger will go through? With a decision expected to be several months away, that seems like a stretch to many.

Another possibility is that it's an indication of the pending decision by the FAA to revamp its air traffic control system, of which XM is an integral part of Raytheon's proposal. The FAA is expected to announce the multi-billion dollar decision this week.

XM superstar-spokesman Chance Patterson said Mr. Zients "did not want to comment" on his stock transaction. The insider purchase is the first at XM for Zients, so maybe it just seemed like a good time to buy?

What's your opinion?

[Wall Street Journal]