XM radio attracts investors

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Communications, San Antonio; DirecTV, El Segundo, Calif.; General Motors Corp., Detroit; and a private investment group announced a $250 million investment in XM Satellite Radio, which is developing a new band of digital-quality radio expected to be operational by December 2000. Clear Channel, a radio and outdoor advertising company, along with direct broadcast satellite company DirecTV and auto giant GM will provide technological, manufacturing and marketing expertise. Separately, GM agreed to distribute and market XM service in GM cars, with factory-installed AM/FM/XM-compatible radios.

Copyright June 1999, Crain Communications Inc.

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