Don't bet on rumors that the satellite-radio outfit wants Disney's radio assets. More likely: a spin-off of Mouse House radio

Will the Mouse House sell its radio empire to the future home of Howard Stern? According to a recent news report, Mel Karmazin, CEO of Sirius Satellite Radio (SIRI ), is mulling a bid for Disney's (DIS ) radio assets. But Standard & Poor's doesn't think investors will be hearing wedding bells for the two companies anytime soon.

The New York Post report, which has not been confirmed by either company, triggered market speculation about a bid by Sirius following a recent and unconfirmed Wall Street Journal report that Disney is exploring the fate of its $3 billion radio station and network group. The latter report, citing unidentified people who claimed to be familiar with the matter, said the company might try to structure a tax-free spin-off of the radio assets to Disney's shareholders. Another alternative, according to the media reports, would be selling and combining the Disney radio assets with another radio company.