XM Radio, you are very busy these days. Your joint partnership in a new multi-format entertainment company, full purchase of a company with wireless licenses in spectrums adjacent to yours and now word today that you are investing in WorldSpace, an overseas contemporary.
WorldSpace, according to an XM Radio press release, broadcasts content through two satellites to subscribers in Asia, Europe, the Middle East and Africa. Under the terms of the investment, XM will purchase $25 million of WorldSpace’s common stock in addition to holding warrants to acquire an additional $37.5 million worth of shares and invest along with WorldSpace and other partners in emerging global satellite radio markets.
XM and WorldSpace will also cooperate to develop satellite radio products, technology and other initiatives.
“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.
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