3:00 PM -- Dean Takahashi at the Mercury News has come up with the best argument against the merger of Sirius Satellite Radio (Nasdaq: SIRI) and XM Satellite Radio (Nasdaq: XMSR). He's worried the combined company will lose its motivation to create new, innovative channels.

I think it's an excellent point. Obviously it's not something the FCC cares about; just look at the awful state of terrestrial radio.

Shareholders don't care either; they approved the merger already. But think about it: Nobody subscribes to satellite radio for convenience. It's all about the programming. What if the programming has attracted all the listeners it's ever going to attract? (See A Flight to Satellite and Flight to Satellite, Part II.)

— Craig Matsumoto, West Coast Editor, Light Reading