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0000950123-07-013329.txt : 200710020000950123-07-013329.hdr.sgml : 2007100220071002151425ACCESSION NUMBER:0000950123-07-013329CONFORMED SUBMISSION TYPE:425PUBLIC DOCUMENT COUNT:11FILED AS OF DATE:20071002DATE AS OF CHANGE:20071002

SUBJECT COMPANY:

COMPANY DATA:COMPANY CONFORMED NAME:XM SATELLITE RADIO HOLDINGS INCCENTRAL INDEX KEY:0001091530STANDARD INDUSTRIAL CLASSIFICATION:COMMUNICATION SERVICES, NEC [4899]IRS NUMBER:541878819STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:425SEC ACT:1934 ActSEC FILE NUMBER:000-27441FILM NUMBER:071149491

BUSINESS ADDRESS:STREET 1:1500 ECKINGTON PL NECITY:WASHINGTONSTATE:DCZIP:20002BUSINESS PHONE:2023804000

MAIL ADDRESS:STREET 1:1500 ECKINGTON PL NECITY:WASHINGTONSTATE:DCZIP:20002

FILED BY:

COMPANY DATA:COMPANY CONFORMED NAME:SIRIUS SATELLITE RADIO INCCENTRAL INDEX KEY:0000908937STANDARD INDUSTRIAL CLASSIFICATION:RADIO BROADCASTING STATIONS [4832]IRS NUMBER:521700207STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:425

BUSINESS ADDRESS:STREET 1:1221 AVENUE OF THE AMERICASSTREET 2:36TH FLOORCITY:NEW YORKSTATE:NYZIP:10020BUSINESS PHONE:2128995000

MAIL ADDRESS:STREET 1:1221 AVENUE OF THE AMERICASSTREET 2:36TH FLOORCITY:NEW YORKSTATE:NYZIP:10020

FORMER COMPANY:FORMER CONFORMED NAME:CD RADIO INCDATE OF NAME CHANGE:19940203

4251y40325e425.htm425

425

Filed by Sirius Satellite Radio Inc.
Pursuant to Rule425 under the
Securities Act of 1933 and deemed filed
pursuant to Rule14a-12 under the
Securities Exchange Act of 1934

Subject Company: XM Satellite Radio Holdings Inc.
Commission File No.: 0-27441

This communication contains forward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995. Such statements include, but are not limited to,statements about the benefits of the business combination transaction involving Sirius SatelliteRadio Inc. and XM Satellite Radio Holdings Inc., including potential synergies and cost savings andthe timing thereof, future financial and operating results, the combined companys plans,objectives, expectations and intentions with respect to future operations, products and services;and other statements identified by words such as anticipate, believe, plan, estimate,expect, intend, will, should, may, or words of similar meaning. Such forward-lookingstatements are based upon the current beliefs and expectations of SIRIUS and XMs management andare inherently subject to significant business, economic and competitive uncertainties andcontingencies, many of which are difficult to predict and generally beyond the control of SIRIUSand XM. Actual results may differ materially from the results anticipated in these forward-lookingstatements.

The following factors, among others, could cause actual results to differ materially from theanticipated results or other expectations expressed in the forward-looking statement: generalbusiness and economic conditions; the performance of financial markets and interest rates; theability to obtain governmental approvals of the transaction on a timely basis; the failure ofSIRIUS and XM stockholders to approve the transaction; the failure to realize synergies andcost-savings from the transaction or delay in realization thereof; the businesses of SIRIUS and XMmay not be combined successfully, or such combination may take longer, be more difficult,time-consuming or costly to accomplish than expected; and operating costs and business disruptionfollowing the merger, including adverse effects on employee retention and on our businessrelationships with third parties, including manufacturers of radios, retailers, automakers andprogramming providers. Additional factors that could cause SIRIUS and XMs results to differmaterially from those described in the forward-looking statements can be found in SIRIUS and XMsAnnual Reports on Form 10-K for the year ended December31, 2006, and Quarterly Reports on Form10-Q for the quarters ended March31, 2007 and June30, 2007, which are filed with the Securitiesand Exchange Commission (the SEC) and available at the SECs Internet site (http://www.sec.gov).The information set forth herein speaks only as of the date hereof, and SIRIUS and XM disclaim anyintention or obligation to update any forward looking statements as a result of developmentsoccurring after the date of this communication.

Important Additional Information Will be Filed with the SEC

This communication is being made in respect of the proposed business combination involvingSIRIUS and XM. In connection with the proposed transaction, SIRIUS has filed with the SEC anamended Registration Statement on Form S-4 containing a preliminary Joint ProxyStatement/Prospectus and each of SIRIUS and XM plans to file with the SEC other documents regardingthe proposed transaction. The definitive Joint Proxy Statement/Prospectus will be mailed tostockholders of SIRIUS and XM. INVESTORS AND SECURITY HOLDERS OF SIRIUS AND XM ARE URGED TO READTHE PRELIMINARY JOINT

PROXY STATEMENT/PROSPECTUS AND THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS WHEN IT BECOMESAVAILABLE, AS WELL AS OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEYBECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Investors and security holders can obtain free copies of the Registration Statement and theJoint Proxy Statement/Prospectus and other documents filed with the SEC by SIRIUS and XM throughthe web site maintained by the SEC at www.sec.gov. Free copies of the Registration Statement andthe Joint Proxy Statement/Prospectus and other documents filed with the SEC can also be obtained bydirecting a request to Sirius Satellite Radio Inc., 1221 Avenue of the Americas, 36thFloor, New York, NY 10020, Attention: Investor Relations or by directing a request to XM SatelliteRadio Holdings Inc., 1500 Eckington Place, N.E. Washington, DC 20002, Attention: InvestorRelations.

SIRIUS, XM and their respective directors and executive officers and other persons may bedeemed to be participants in the solicitation of proxies in respect of the proposed transaction.Information regarding SIRIUS directors and executive officers is available in its Annual Report onForm 10-K for the year ended December31, 2006, which was filed with the SEC on March1, 2007, andits proxy statement for its 2007 annual meeting of stockholders, which was filed with the SEC onApril23, 2007, and information regarding XMs directors and executive officers is available inXMs Annual Report on Form 10-K, for the year ended December31, 2006, which was filed with the SECon March1, 2007 and its proxy statement for its 2007 annual meeting of stockholders, which wasfiled with the SEC on April17, 2007. Other information regarding the participants in the proxysolicitation and a description of their direct and indirect interests, by security holdings orotherwise, is contained in the preliminary Joint Proxy Statement/Prospectus filed with the SEC.

***

SIRIUS website, which is available at www.SIRIUSmerger.com and has information about SIRIUSproposed merger, has been updated. The updates include the information being filed herewith.

In addition, the In the News page of the website also contains links to the following third-partyarticles:

XM and Sirius shares climb on growing hope that their proposed merger will be approved
26 September2007
Associated Press Newswires

NEW YORK (AP) Shares of Sirius Satellite Radio Inc. and XM Satellite Radio Holdings Inc.continued making gains Wednesday as the testimony of a U.S. Justice Department officialstrengthened the perception that the two digital radio companies will be allowed to join forces.

Both companies stocks have risen sharply since mid-August on heightening optimism that U.S.regulators will clear a proposed merger.

According to published reports, the Justice Departments antitrust chief, Thomas Barnett, toldCongress Tuesday that more information is needed to make a decision, but the department will act asquickly as possible.

Shares of Sirius climbed 17 cents, or 5.2percent, to $3.45. Shares of XM gained 83 cents, or 6.1percent, to $14.35.

Banc of America Securities analyst Jonathan A. Jacoby said in a research note that the big questionis what does more information mean? The market expects the Justice Department to decide in 15 to45days, he said, but it could take longer.

Jacoby said the stocks recent prices imply that people think there is an 85percent chance thedeal will be approved. He is more skeptical, though, with his sources pegging just a 30percentchance of approval by the end of the first quarter of 2008.

September27, 2007
Beyond the Fairness Doctrine: Radios Fight over the XMSirius Merger
by Edwin Meese, III and James L. Gattuso
WebMemo #1646

Theres a radio war going on in Washington, and this one has nothing to do with the FairnessDoctrine. Talk of re-imposing the requirement by the Federal Communications Commission (FCC)thatbroadcasters air opposing views on controversial topics sparked an intense and highly publicizeddebate this summer. Almost lost in the fairness furor, however, has been a second, but no lessintense, radio industry battle over the merger of satellite radio providers XM and Sirius. Aftermonths of review, a ruling from the Justice Department is expected within weeks, to be followed bya decision by the FCC, which also must approve the transaction. The merger debate is different fromthe fairness debate in that it involves the structure, rather than content, of the radioindustry. Like the fairness debate, however, the outcome could determine how Americans willlisten to the radio for years to come.

Background

Satellite radiothe transmission of radio programming directly via satellite rather than viabroadcasts from land-based towersis a relatively new service. The FCC, overcoming the oppositionof radio broadcasters, auctioned frequencies for two satellite radio providers in 1997, which werewon by XM and Sirius for a combined $173million.[1] The two firms began offering service until2001 and 2002, respectively.

Growth for the new services has been rapid, with combined subscribership nearing 14million lastyear. But despite this expansion, the firms have struggled financially. The cost of launching andmaintaining satellites and other infrastructure is high, as is the cost of programming. (HowardStern alone costs Sirius some $100million per year.[2]) Neither XM nor Sirius has ever made aprofit. In 2006 alone, Sirius lost $1.1billion, and XM lost $719million.[3]

Hoping to turn this dismal financial performance around, XM and Sirius announced plans to merge inFebruary of this year. Among the benefits they foresee: accelerated development of new technologiesas research budgets are combined; increased variety of programming due to increased channelcapacity; and perhaps $3billion to $7billion in net present value cost savings.[4]

Of course, none of these benefits are guaranteed.[5] In dynamic markets, no particular outcome isever certain; the specific results can only be determined in the marketplace. Nevertheless, thepotential for real consumer gains from this transaction is real and substantial.

Merger Would Preserve, Strengthen Competition

Traditional AM and FM broadcasters, among others, are fighting the deal, arguing that since Siriusand XM are the only two firms offering satellite radio, the merger would create a monopoly. The twosides have spent hundreds of thousands of dollars on their campaigns, along with allies rangingfrom former Attorney General John Ashcroft (against the merger) to Frank Sinatra Enterprises(supporting the merger). Highlighting the intensity of the battle, the National Association ofBroadcasters

(NAB), the trade association for traditional radio, even hung on its D.C. headquartersbuilding an outsized banner, proclaiming: XM + Sirius = monopoly.[6]

This argument, however, doesnt square with the facts. Sirius and XM have plenty of competitors,starting with the broadcasters themselves. In fact, counting both broadcast and satellite services,Sirius and XM have only 3.4percent of the total radio listenership.[7]

But that is only the beginning. Internet-based service is increasingly becoming a player in radio.Moreover, other forms of audio entertainment compete for American ears. In fact, i-Pods and otherMP3 devices, which have grown phenomenally in recent years, may be the biggest challenge to radioof any kind.[8]

Even the National Association of Broadcasters has noted the broad nature of competition in audioentertainment, stating to the FCC this January ...there can be no reasonable doubt that thecurrent media marketplace is robustly competitive, and indeed exploding at the seams with consumerchoices for both delivery mechanisms and content."[9]

More directly, NAB president David Rehr remarked on the tough competitive landscape: Who are ournewer competitors? On the radio side, we have satellite radio, Internet radio, iPods, other MP3players, cell phones, and others.[10] Far from monopolizing anything, satellite radio is still anupstart challenger in the audio entertainment marketplace.

Yet, opponents maintain that Sirius and XM have no competition. Economist Gregory Sidak ofCriterion Economics has argued that competition in one aspect of the market doesnt necessarilymean there is competition in others. Specifically, he maintains that radio is a two-sided market,in which terrestrial and satellite radio compete for advertisers, but not for listeners. Forlisteners, Sidak argues, the two types of radio are complements, not substitutes, for eachother.[11]

That claim doesnt hold water. While many consumers do enjoy both types of radio, the relativemerits of AM and FM radio certainly impact a consumers decision as to whether to subscribe tosatellite service. Conversely, the merits of satellite service certainly affect how much itssubscribers will listen to terrestrial programming. This view was expressed by the NationalAssociation of Broadcasters itself, which in a 1995 filing to the FCC wrote that satellite radiofundamentally will compete with terrestrial broadcasters for listeners.[12]

NABs Rehr used a slightly different argument in a recent letter to Congress on the competitionissue.[13] He argued that while AM and FM broadcasters do provide competition to satellite radio inindividual local markets, they cant compete in the market for national programming, since theydont have nationwide signals. This argument also is flawed. While broadcasters transmit signalslocally, national programmingvia networks and syndicationis commonplace.

Conclusion

The merger of XM and Sirius would not create a monopoly. Satellite radio is just one choice in anincreasing array of audio entertainment options available to consumers.

Rather than destroy competition, the proposed merger would increase it by allowing satellite radio to offer improvedservices to consumers. Regulators should reject the false arguments of satellite radios earthboundrivals and allow the merger to go forward.

Edwin Meese III is Ronald Reagan Distinguished Fellow in Public Policy and Chairman of the Centerfor Legal and Judicial Studies, and James L. Gattuso is Senior Research Fellow in Regulatory Policyin the Thomas A. Roe Institute for Economic Policy Studies, at The Heritage Foundation.

[1]Federal Communications Commission, Auction 15: Digital Audio Radio Service (DARS)wireless.fcc.gov/auctions/default.htm?job=auction_factsheet&id=15.

[2] Sirius Satellite Radio, Howard Stern and Sirius Announce the Most Important Deal inRadio History, press release, Oct. 6, 2004, atwww.sirius.com/servlet/ContentServer?pagename=Sirius/CachedPage&c=PresReleAsset&cid=1097008921509.

[3]XM Satellite Radio Holdings Inc., and Sirius Satellite Radio Inc., Consolidated Application forAuthority to Transfer Control of XM Radio Inc. and Sirius Satellite Radio Inc.(MB Docket No.07-57), filed with the Federal Communications Commission, March20, 2007, atsvartifoss2.fcc.gov/servlet/ib.page.FetchAttachment?attachment_key=-126018.

[4]SeeThomas W. Hazlett, The Economics of the Satellite Radio Merger, June14, 2007, atfjallfoss.fcc.gov/prod/ecfs/retrieve.cgi?native_or_pdf=pdf&id_document=6519527923.

[5]Sirius and XM have made a variety of commitments regarding their post-merger practices, rangingfrom a price freeze to allowing customers to choose channels on an a la carte basis. While thesecommitments are apparently based on the firms expectation of benefits from the merger, no serviceguarantees should or need be mandated by regulators as a condition of the merger.

[6]NAB Pulls out the Big Guns: Hangs Banner out the Window, Orbitcast, June13, 2007, atwww.orbitcast.com/archives/nab-pulls-out-the-big-guns-hangs-banner-out-the-window.html.

[7]Arbitron: Satellite Radio Accounts for 3.4% of All Radio Listening, RadioInk.com, atwww.radioink.com/HeadlineEntry.asp?hid=137022&pt=archive.

[8]See remarks of David Rehr, National Association of Broadcasters, National Press Club, October4,2006, p. 5.

[9]Reply comments of the National Association of Broadcasters, 2006 Quadrennial RegulatoryReviewReview of the Commissions Broadcast Ownership Rules and Other RulesAdopted Pursuant toSection202 of the Telecommunications Act of 1996, MB Docket No.06-121, at 34 (filed Jan. 16,2007).

[10] See remarks of David Rehr, National Association of Broadcasters, National PressClub, October4, 2006.

[11]Sidak, J. Gregory, Supplemental Declaration of J. Gregory Sidak Concerning the CompetitiveConsequences of the Proposed Merger of Sirius Satellite Radio, Inc. and XM Satellite Radio, Inc,July9, 2007.

[12]Federal Communications Commission, In the Matter of Establishment of the Rules and Policies forthe

Digital Audio Radio Satellite Service in the 2310 to 2360 MHz Frequency Band: Reply Comments of the

National Association of Broadcasters, IB Docket No.95-91 (October13, 1995), p. 34 (cited inHazlett, Economics of the Radio Satellite Merger.) Some also argue that competition is unevenbecause satellite radio is subscription-based andunlike broadcasters, whose ad revenue dependsupon ratingsdoesnt lose money

unless a customer drops his subscription. But subscription or not,satellite radio companies have no permanent lock on customers. A radio subscription isnt like anelectric bill; few consumers see it as a must-have. If radio broadcasters provide enough of whatthey want, subscribers will drop satellite in a second.

[13]David K. Rehr to the Hon. John Conyers, March12, 2007.

In addition, the What People Are Saying page of the website contain links to the followinginformation included on the website:

September4, 2007

The Honorable Kevin J. Martin, Chairman
Federal Communications Commission
445 12th Street, S.W.
Washington, DC 20554

Re: Application for Authority to Transfer Control ofXM Radio Inc. and Sirius Satellite Radio Inc., MB Docket No.07-57

Dear Chairman Martin:

I am writing to express my support for the proposed merger of XM Radio Inc.and Sirius Satellite Radio Inc., which is currently under your review in MB DocketNo.07-57. The proposed merger should be considered in the context of a broadmarket definition, which includes the entire marketplace for audio entertainment.Under such an appropriate definition, the merger would combine only a smallpercentage of the market, but would lead to significant pro-consumer benefits. I,therefore, believe the merger is in the public interest and urge that theCommission approve it.

The relevant market for competition purposes is the entire marketplace foraudio entertainment, including terrestrial radio, Internet radio andInternet-protocol enabled applications. The relevant market clearly includes all ofterrestrial radio, as evidenced by repeated statements by leading broadcastcompanies that they are in competition with satellite radio. The strong oppositionof the NAB to the merger lends credence to the reality that terrestrial andsatellite radio are in direct competition.

The relevant market also includes Internet radio and both Internet-basedstreams and Internet delivered downloads of music.

In that large, highly competitive market, satellite radio is a small player.In a Fall 2006 Arbitron survey, satellite radio listening accounted for only 3.4%of all radio listening. That same survey showed that satellite radio listeners areavid listeners to terrestrial radio. In fact, satellite radio listeners listen toXM or Sirius for 10.75 hours weekly while they listen to terrestrial radio more,for an average total of 14 hours weekly. They listen to Internet radio 8.25 hoursweekly.

The Honorable Rick Boucher
September4, 2007
Page 2

These figures clearly show that satellite radio is in competition with terrestrial radio, thatpeople who listen to satellite radio interchange their listening patterns among various radiosources and that satellite radio listeners are listening to terrestrial radio more than twice asmuch as they listen to satellite radio. Not only do listeners treat the market as unified amongsatellite, terrestrial and Internet radio, they prefer terrestrial radio to either of the othermediums.

With respect to consumer benefits, both companies maintain separate entertainment offerings atthe present time. The merger would extend to consumers larger choices from among those programofferings. The companies recently announced that they will offer a total of eight program packagespost-merger, including several options that will enable consumers to select channels on an a lacarte basis. Moreover, the extra bandwidth which the elimination of duplication would produce willresult in the offering of more public interest programming than either company now offers. Thecombined company will be able to expand diverse programs for underserved interests, such as forforeign language and religious programming.

For these reasons, I urge the Commission to complete its review of this transaction and allowthe two companies to proceed with their merger plans.

Thanking you for your consideration of these comments, I remain with kind personal regards

Sincerely,

Rick Boucher

Member of Congress

RB/jas

cc: Commissioner Michael J. Copps
Commissioner Jonathan S. Adelstein
Commissioner Deborah Taylor Tate
Commissioner Robert M. McDowell

ELIOT L. ENGEL
17TH DISTRICT, NEW YORK

COMMITTEE ON
FOREIGN AFFAIRS

CHAIRMAN
WESTERN HEMISPHERE SUBCOMMITTEE

OTHER SUBCOMMITTEES:

EUROPE

MIDDLE EAST AND SOUTH ASIA

COMMITTEE ON
ENERGY AND COMMERCE

SUBCOMMITTEES:

HEALTH

TELECOMMUNICATIONS AND THE INTERNET

ASSISTANT DEMOCRATIC WHIP

Congress of the United States
House of Representatives
Washington, DC 20515-3217

September18, 2007

2161 RAYBURN HOUSE OFFICE BUILDING
WASHINGTON, DC 20515-3217
(202)225-2464

DISTRICT OFFICES:

3655 JOHNSON AVENUE
BRONX, NY 10463
(718)798-9700

6 GRAMATAN AVENUE
SUITE 205
MOUNT VERNON, NY 10550
(914)899-4100

261 WEST NYACK ROAD
WEST NYACK, NY 10994
(845)735-1000

WEBSITE: http://engel.house.gov

Kevin Martin, Chairman
Federal Communications Commission
445 12th Street, S.W.
Washington, DC 20554

Re: Application for Authority to Transfer Control of XMRadio Inc. and Sirius Satellite Radio Inc., MB Docket No.07-57

Dear Chairman Martin:

After much deliberation, I am writing to voice my support for the pending merger ofSirius Satellite Radio Inc. and XM Radio Ino. I believe that this merger will improve thevariety and quality of satellite radio services to consumers.

I have carefully considered the proposal, attended our committee hearings, and I do nottake this decision lightly. I have heard all of the testimony and the pros and cons and feelthat ultimately the merger has to be looked at in the context of the totality ofentertainment choices that consumers have available to them. With the advent of the IPOD,downloading, HD Radio and the like, I believe that you cannot isolate pay radio as its ownmedium.

Right now a customer desiring pay radio must choose between the two companies andselect programming rather than having access to all channels. This often results in aconsumer being unable to get some desired programs. The merger will allow subscribers to getall the programs they wish to hear, which is often not possible and feasible currently.

As with any situation, there are good points on both sides. But on balance, I believethat the FCC should complete its review of this transaction to allow Sirius and XM toproceed with their merger plans.

Sincerely,

Eliot L. Engel

Member of Congress

cc: Commissioner Michael J. Copps
Commissioner Jonathan Adelstein
Commissioner Deborah Taylor Tate
Commissioner Robert M. McDowell

LenHunt
Executive Vice President
Chief Operating Officer

August21, 2007

The Honorable Thomas Barnett
Assistant Attorney General
Antitrust Division
United States Department of Justice
950 Constitution Avenue, NW
Washington, DC 20530

The Honorable Kevin J. Martin
Chairman
Federal Communications Commission
445 12th Street, SW
Washington, DC 20554

Dear Assistant Attorney General Barnett and Chairman Martin:

On behalf of Kia Motors America, I ask you to approve the proposed merger of XM and Sirius.

Kia Motors America is dedicated to building high-quality, high-value vehicles at highlycompetitive prices. Our consumers demand the best available product at the lowest possibleprice. We are pleased to offer our customers Sirius Satellite Radio standard equipment butbelieve the merger of Sirius and XM has the potential to bring our customers theadditional value they desire.

We understand that the merger will eliminate the sometimes confusing issues about whatprogramming is offered by which company by creating packages offering the best of bothservices for significantly less than the current combined price of both services. Weshould not expect our customers to incur additional hassle and fees to install a secondsatellite radio receiver or be forced to choose between the NFL and the MLB and MarthaStewart and Oprah. Additionally, the merger will allow Kia customers to select smallerpackages at much lower prices. This expanded choice and lower price is exactly thevalue our consumers want and deserve.

The merger between Sirius and XM will further enhance Kias goal of providing ourcustomers with high-quality, high-value products. We believe that is in our customersinterests and the public interest to allow Sirius and XM to merge. We respectfully askthat you approve the merger and thank you for considering the views of Kia Motors America.

Sincerely,

Len Hunt

In addition, the Merger Resources page of the website also contains a link to thefollowing advertisement, which was first run on September25,2007:

FINALLY, DEMOCRATS AND AGREE ON . 70% * ARE IN FAVOR OFAND BEST OF BOTHTHAT WOULD BE OFFERED In fact, voters agree that the merger is in the But it#fs not justRepublicans and Democrats who People of all ages. People who live in the*Based on a national survey of 800 registered voters, August 7-For more information on the poll, For more information on the poll, please visit: please visit:SIRIUSmerger.com XMmerger.com In connection with the proposed merger, SIRIUS has led with the Securities and Prospectus andeach of SIRIUS and XM plans to le with the SEC other documents Prospectus and the de nitive JointProxy Statement/Prospectus when it becomes Joint Proxy Statement/Prospectus, as well as otherlings containing information sec.gov). Copies of the Joint Proxy Statement/Prospectus and theSecurities and Radio Inc., 1221 Avenue of the Americas, New York, NY 10020, Attention: InvestorInvestor Relations. Information regarding SIRIUS#f and XM#fs directors and executive by securityholdings or otherwise, will be available in the Joint Proxy Radio Inc. The XM name and related logoare registered trademarks of XM Satellite

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