The FCC’s expected approval of the much-delayed merger between XM Satellite Radio and Sirius Satellite Radio likely won’t happen until late May or June after chairman Kevin Martin failed to distribute a draft ruling of the regulatory agency's conditional approval to other commissioners Wednesday night, according to equity research firm Stanford Group Company.

In a research note issued Thursday, analysts Clay and Fred Moran wrote that “it seems unlikely that the FCC will vote on the merger on its May 14 meeting. A ruling by late May or early June could occur.”

“We believe the FCC is highly likely to approve the merger with relatively modest conditions,” the research note continued.

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