XM Satellite Radio
to Acquire WCS Wireless
(13 July 2005) XM Satellite
Radio, the USA's leading satellite radio company with more than 4.4 million
subscribers, has signed an agreement to acquire WCS Wireless, a private entity,
for 5.5 million shares of XM Common Stock.
The principal
assets of WCS Wireless are wireless spectrum licenses in geographic areas
covering 163 million people throughout the United States, including 15 of the
top 20 metropolitan markets. On average, WCS Wireless licenses include 10
megahertz in the frequency bands adjacent to XM's satellite radio service. XM
and WCS Wireless expect to close the transaction before the end of the year,
subject to necessary government approvals.
XM's acquisition of WCS
Wireless provides XM an exceptional opportunity to expand its existing business
with a variety of multimedia subscription services, including innovative video
and data offerings, transmitted over these new frequencies. XM expects to
announce more detailed plans for the use of this additional spectrum in the
future.
About XM Satellite Radio
XM is America's number one
satellite radio service with more than 4.4 million subscribers. Broadcasting
live daily from studios in Washington, DC, New York City and Nashville at the
Country Music Hall of Fame, XM's 2005 line-up includes more than 150 digital
channels of choice from coast to coast: commercial-free music channels, premier
sports, talk, comedy, children's and entertainment programming; and advanced
traffic and weather information. XM was named Best Radio Service at the 2004
Billboard Digital Entertainment Awards.
XM, the leader in
satellite-delivered entertainment and data services for the automobile market
through partnerships with General Motors, Honda, Toyota, Hyundai, Nissan and
Volkswagen/Audi, is available in more than 120 different vehicle models for
2005. XM's industry-leading products are available at consumer electronics
retailers nation-wide.
(source: XM Satellite Radio)