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:Press Release 2005:
XM SATELLITE RADIO ANNOUNCES STRATEGIC INVESTMENT IN WORLDSPACE
Washington D.C., July 19, 2005 -- XM Satellite Radio (NASDAQ: XMSR), the nation's leading satellite radio company with more than 4.4 million subscribers, today announced that it has made a strategic investment of $25 million in the common stock of WorldSpace, Inc., a leading satellite radio provider for Asia, Europe, the Middle East and Africa.
In connection with the investment, XM will cooperate with WorldSpace to develop satellite radio products, technology and distribution and supplier networks. In addition, XM will have warrants to acquire $37.5 million in additional WorldSpace stock and an option to invest along with WorldSpace and other partners in various countries around the world.
"We look forward to becoming a strategic investor in WorldSpace's worldwide satellite radio system and advancing satellite radio technology and reach through our cooperative efforts," said Gary Parsons, Chairman, XM Satellite Radio.
Through its subscription-based service, WorldSpace broadcasts news, music brand name content and educational programming to a global service area and targets its programming to consumers, governments, and other organizations. The company utilizes its two geo-stationary satellites, AfriStar and AsiaStar, and its ownership of spectrum licenses to deliver more than 100 digital quality audio channels per satellite as well as multimedia content directly to WorldSpace Satellite Radio receivers.
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