The last big entertainment industry merger to bother competition regulators in the US was, I reckon, the merger between the country's two satellite radio networks, Sirius and XM.
As previously reported, both the US Department Of Justice and the country's media regulator the FCC, both of whom had to approve that merger, agonised over it all for the best part of eighteen months because of concerns it would give one company a monopoly over the US satellite radio sector.
When the merger finally went ahead last July it did give Sirius XM a monopoly in satellite radio, though they argued competition was so fierce from terrestrial and online radio and music services, they would still be operating in a competitive market.
Whatever market they are competing in, they seem to be struggling as the credit crunch bites, because there are reports this morning that the company is about to apply for Chapter 11 bankruptcy protection. Although that doesn't necessarily mean the company will proceed into liquidation, it does mean the broadcaster has a serious cash shortage.
That said, the filing for Chapter 11 protection, assuming it is made, will seemingly, in part at least, be a bid to stop a hostile takeover by satellite owners EchoStar, who reportedly made an unsuccessful bid to buy the company last year and who have since been buying up the company's debts, which are substantial, presumably in a bid to force some kind of takeover deal if and when the radio firm defaults on a loan repayment.
It's not clear if EchoStar would be interested in Sirius XM's infrastructure or content, though the former seems more likely.
Some reckon Sirius XM chief and former Viacom/MTV boss Mel Karmazin would be advised to let EchoStar take over his company's satellite network, but try to negotiate himself control of the firm's content division, and then transform Sirius XM into a multi-streamed audio content network, making content available via satellite, internet and mobile.
Insiders say, though, that Karmazin has, to date, not been so keen on giving up any control. But the same insiders say restructuring and bankruptcy experts are already in the building and the Chapter 11 documents could be filed this week, so it could be that Karmazin has to accept some compromises sooner rather that later.
Speculation is rife as to what all this will mean for Sirius XM's existing presenters and content partners, and in particular the network's biggest star, the rather handsomely paid Howard Stern, one of the network's single biggest costs, but also the reason many people signed up to Sirius' subscription package in the first place.
If Sirius XM simply cannot afford to keep up its payments to Stern it will be interesting to see if he agrees to a pay cut to help keep the network afloat, or just jumps ship. There's talk of him going into retirement, and he's certainly burned most of his bridges with the terrestrial radio industry. Though with internet radio on the rise, even in this economic climate, there'd probably be investors and sponsors willing to finance a stand alone Stern net radio station.