XM Buying Live Music Outfit

XM Satellite Radio (XMSR Quote) Tuesday agreed to acquire Effanel Music, a closely held live music recording company.

Terms weren't disclosed.

"Bringing Effanel into the XM family is a strategic fit because live content plays such a central role in XM's programming," said XM CEO Hugh Panero. "With Effanel, XM now has a built-in mobile recording and broadcast division that enables us to air -- in digital sound -- live music, sports and entertainment events from anywhere in the world."

Early Tuesday, XM rose 3 cents to $35.70.