The storied merger proceedings between Sirius Satellite Radio (NASDAQ: SIRI) and its hoped-for partner, XM Satellite Radio (NASDAQ: XMSR), took another step on Tuesday, albeit one that was widely expected. Shareholders of both companies gave the merger their collective blessing by a healthy majority.

The sizable hurdles of regulatory approval on the part of the Justice Department and the Federal Communications Commission (FCC) remain. Those opposed to the collaboration say the deal would create a monopoly in the satellite radio industry and point to the failed merger attempt between EchoStar Communications (NASDAQ: DISH), parent of the DISH Network, and DirecTV.

Today's Wall Street Journal quoted Rupert Murdoch as saying that "The final approval is in the next two, three weeks' time or not at all."

A spokesman for News Corp (NYSE: NWS) said that the comment wasn't meant as an ultimatum, and was instead just meant as an observation -- if the Bancrofts don't sign off soon, they're probably not going to. Even if it was an ultimatum, it probably wouldn't be taken seriously. The huge premium that Murdoch offered suggests he sees the acquisition of Dow Jones (NYSE: DJ) as the crown jewel that News Corp needs, and he's not going to walk away from this deal. He wants it too badly. In some ways this has put him at a disadvantage. Like an overeager suitor, the Bancrofts know Murdoch will do whatever it takes to get a deal done, macho posturing aside.

As Dow Jones executives prepare to make presentations to News Corp executives about the company, some Wall Street Journal reporters have staged a walkout.

This story has generated a lot of headlines with each twist and turn, and there's sure to be more drama to come. But does anyone doubt that Rupert will go home with his prize?