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XM Satellite Radio Expands Nationwide Rollout
Washington - Oct 18, 2001 - XM Satellite Radio officially expanded the launch of the first U.S. digital satellite radio service across the entire southern half of the United States, including such cities as Los Angeles, Denver, Houston, New Orleans, Atlanta and Miami, covering a combined 136 million people.
XM radios are available in the Southwest and are arriving in the Southeast over the next two weeks at major electronics retailers including Best Buy, Circuit City, Tweeter, participating RadioShack dealers and franchisees, Sears, Crutchfield, Good Guys, CarToys, Audio Express, Ultimate and Sound Advice.
XM's programming lineup features 100 coast-to-coast digital channels: 71 music channels, more than 30 of them commercial-free; and 29 channels of sports, talk, children's and entertainment including 13 premiere news channels covering the latest national, world and financial developments like CNBC, CNN Headline News, CNNfn, FOX News, ABC News & Talk, USA Today, Bloomberg, BBC World Service, C-SPAN and its own XM News.
For the first time, people can receive on the radio the diverse selection of 24-hour news sources that they're used to getting at home on cable and DirecTV.
XM extends the reach of America's most trusted and popular news and information channels to motorists everywhere across the United States, ensuring they are never out of touch with the latest news.
XM Satellite Radio has also reached agreement on the basic terms of a $66 million funding package, including $35 million in new debt financing with Boeing Capital Services Corporation and $31 million in restructured obligations with Boeing Satellite Systems International. The company expects to close these transactions later this month.
In light of current financial market conditions and the aftershock of recent national events, XM has refocused its marketing strategy on key early adopter consumer segments, while maintaining adequate financial resources to sustain its business momentum until a stable financing climate is reestablished. The company is carefully managing all operating expenses, and, due to the outstanding coverage being provided by its satellites, has been able to eliminate many of its planned terrestrial repeater sites.
Completion of the Boeing financing package is subject to final documentation, including customary terms and conditions for transactions of this type.
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