XM Buys $25M in WorldSpace Stock
XM Satellite Radio announced today that the company is investing $25 million in WorldSpace, a satellite company that provides subscription based news, music, and other programming in Europe, Africa, Asia, and the Middle East. The agreement states that XM and WorldSpace will work together to develop new offerings, while XM can purchase up to $3.5 million in additional stocks. WorldSpace was one of the original shareholders of XM, but sold its stock in 1999.
