Co. issuing stock to acquire WCS Wireless
Looking to deliver multimedia services such as data and video in the near future, XM is buying a new chunk of spectrum to handle its expansion in an all-stock deal worth $196 million.Satellite radio company is issuing 5.5 million shares of stock to acquire WCS Wireless, a spectrum license-holding company. WCS’s spectrum reaches 163 million people in 15 of the 20 top metropolitan markets. Sat radio companies use spectrum in cities where their signals can be blocked by tall buildings or interfered with by the large amount of wireless data. XM hasn’t yet revealed specific plans for rolling out advanced multimedia services. Competitor Sirius plans to debut video offerings aimed at children from partners including Disney and Nickelodeon in 2006.
Want Entertainment News First? Sign up for Variety Alerts and Newsletters!