Washington — XM Satellite Radio announced a strategic investment of $25 million in common stock of WorldSpace, a leading satellite radio provider for Asia, Europe, the Middle East and Africa.
XM said it will work with WorldSpace to develop satellite radio products, technology, distribution and supplier networks. In addition, XM will have an option to acquire $37.5 million in additional WorldSpace stock and an option to invest along with WorldSpace and other partners in various countries around the world.
WorldSpace broadcasts more than 100 channels of audio and multimedia content including news, music, brand name content and educational programming using two geostationary satellites. It also owns spectrum licenses.