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XM Invests in WorldSpace

XM Invests in WorldSpace

XM Satellite Radio has purchased $25 million of WorldSpace stock. The companies, both headquartered in Washington, already had a relationship; they shared early engineering development experience, as XM evolved to serve the U.S. and WorldSpace Asia, Europe, the Middle East and Africa with digital satellite radio services.
In connection with the investment, XM and WorldSpace said they’ll cooperate to develop satellite radio products, technology and distribution and supplier networks. XM will have the opportunity to acquire $37.5 million in additional WorldSpace stock and an option to invest along with WorldSpace and other partners in various countries.
The goal is to extend satellite radio’s reach, noted XM Chairman Gary Parsons.