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WorldSpace Lands $25 Million from XM, Boosts IPO Price

Authored by Mark Hefflinger on July 20, 2005 - 9:17am.
Washington, DC -- WorldSpace, a provider of satellite radio services in Asia, Europe, the Middle East and Africa, said on Tuesday that it has landed a $25 million investment from DC-based XM Satellite Radio, which has more than 4.4 million subscribers. In connection with the investment, XM will cooperate with WorldSpace to develop satellite radio products and technology, as well as distribution and supplier networks. WorldSpace also increased the price range of its upcoming initial public offering (IPO) from $16-$18 to $18-$20 a share. The company is planning to offer 8.8 million shares, making the IPO worth as much as $176 million. Through its subscription-based service, WorldSpace broadcasts news, music and educational programming, utilizing its two geo-stationary satellites. The company owns spectrum licenses to deliver more than 100 digital quality audio channels per satellite as well as multimedia content directly to special receivers.
http://www.xmradio.com/newsroom/screen/pr_2005_07_19.html 
http://tinyurl.com/9ang2
http://www.worldspace.com
tags: IPO | Deal | XM | WorldSpace |

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