11-26-01, 06:11 AM
Hughes Electronics Corp. has become XM Satellite Radio's single largest shareholder after acquiring additional shares of XM from Motient Corp.
The stock was exchanged and transferred to Hughes and other Motient senior secured debt holders Tuesday as part of the Motient's ongoing debt restructuring efforts. The share exchange will eliminate all remaining shares of XM Radio class B common stock and transfer those shares as XM Radio class A common stock to Motient's guarantors.
Following the settlement of the stock transfer, XM President and CEO Hugh Panero said, "XM is pleased to see the continued confidence of our long-term strategic partner, Hughes Electronics, as we complete the roll-out of XM commercial service coast-to-coast."
XM's programming lineup features 100 digital channels: 71 music channels and 29 channels of sports, talk, children's and entertainment.
XM radios are available at major electronics retailers including Best Buy, Circuit City, Tweeter, participating RadioShack Dealers and Franchisees, Crutchfield, Good Guys, CarToys, Audio Express and Sound Advice; and at independent retailers.
The stock was exchanged and transferred to Hughes and other Motient senior secured debt holders Tuesday as part of the Motient's ongoing debt restructuring efforts. The share exchange will eliminate all remaining shares of XM Radio class B common stock and transfer those shares as XM Radio class A common stock to Motient's guarantors.
Following the settlement of the stock transfer, XM President and CEO Hugh Panero said, "XM is pleased to see the continued confidence of our long-term strategic partner, Hughes Electronics, as we complete the roll-out of XM commercial service coast-to-coast."
XM's programming lineup features 100 digital channels: 71 music channels and 29 channels of sports, talk, children's and entertainment.
XM radios are available at major electronics retailers including Best Buy, Circuit City, Tweeter, participating RadioShack Dealers and Franchisees, Crutchfield, Good Guys, CarToys, Audio Express and Sound Advice; and at independent retailers.