FYI: XM Satellite to go public
7/26/1999 Article:135806
XM Satellite Radio Holdings Inc. has filed with the Securities and
Exchange Commission to make an initial offering of common stock.
The offering will be underwritten by joint-book-running managers Bear,
Sterns & Co. and Donaldson, Lufkin & Jenrette, and will be co-managed by
Deutsche Banc, Alex Brown and Merril Lynch.
Washington D.C.-based XM Satellite Radio is developing satellite-based
digital radio and plans to offer up to 100 channels of digital-quality
sound to customers in their cars and homes.
In mid-June, a group of investors, including Clear Channel
Communications, General Motors, DirecTV and a private investment group
comprised of Columbia Capital, Telcom Ventures LLC and Madison Dearborn
Partners, pumped $250 million into the company.
In addition to the investment, some of the members of the investment
team will support the company with programming and technical support. To
facilitate the entry of the new investors, WorldSpace Inc., which had owned
part of XM Radio, sold its shares back to the founding company American
Mobile Satellite Corp. |
