XM Buys Key Radio Spectrum
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XM (XMSR Quote) launched expansion plans by agreeing to pay $196 million in stock for a wireless shop with neighboring radio spectrum.
The Washington, D.C., satellite radio broadcaster said Wednesday that it will issue 5.5 million shares to buy WCS Wireless, a radio spectrum license holding company. Closely held WCS Wireless controls radio frequencies in the 2.3 gigahertz spectrum in 15 of the nation's top 20 cities, says XM.
The company says it will use the adjacent radio waves to deliver new multimedia services. Industry observers note that XM and rival Sirius (SIRI Quote) have plans to offer services such as video, Internet access and location mapping that can be beamed to vehicles.
Shares of XM were largely unchanged in postclose activity, after closing down 44 cents at $35.60 on Wednesday....
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