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Filed by Sirius Satellite Radio Inc.
pursuant to Rule 425 under the
Securities Act of 1933, as amended
Subject Company: Sirius Satellite Radio Inc.
Commission File No. 000-24710
FCC APPROVES SIRIUS' APPLICATION RELATING
TO RECAPITALIZATION
NEW YORK, NY-- January 15, 2003-- SIRIUS (NASDAQ: SIRI), the premier satellite
radio broadcaster and only service delivering uncompromised coast-to-coast music
and entertainment for your car and home, today announced that the Federal
Communications Commission (FCC) has approved the company's application to
transfer control of its operating licenses in connection with its
recapitalization.
In its order approving the application, the FCC indicated that "the proposed
restructuring will benefit the public interest," and that approval of the
application will allow SIRIUS "to access financial resources necessary to
maintain and expand its service to the public." SIRIUS filed the transfer
application because of the significant amount of common stock expected to be
issued to its debt holders and preferred stockholders in connection with the
restructuring.
"We are very pleased to have received swift approval of our application from the
FCC," said Patrick Donnelly, Executive Vice President and General Counsel for
SIRIUS. "This is an important step in the process of completing our
recapitalization, which we continue to believe will be consummated this
quarter."
About SIRIUS
SIRIUS is the only satellite radio service bringing listeners 100 streams of the
best music and entertainment coast-to-coast. SIRIUS offers 60 music streams with
no commercials, along with 40 world-class sports, news and entertainment streams
for a monthly subscription fee of $12.95. Stream Designers create and deliver
uncompromised music in virtually every genre to our listeners 24 hours a day.
Satellite radio products bringing SIRIUS to listeners in the car, truck, home,
RV and boat are manufactured by Kenwood, Panasonic, Clarion, Audiovox and
Jensen, and are available at major retailers including Circuit City, Best Buy,
Sears, Good Guys, Tweeter, Ultimate Electronics and Crutchfield. SIRIUS is the
leading OEM satellite radio provider, with exclusive partnerships with
DaimlerChrysler, Ford and BMW. Automotive companies that have announced plans to
offer SIRIUS radios in select new car models include Chrysler, Dodge, Jeep'r',
Ford, Lincoln, Mercury, Mazda, Land Rover, Jaguar, Volvo, Aston Martin, Nissan,
Infiniti, BMW, MINI, Audi and Volkswagen.
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Click on www.SIRIUS.com to listen to SIRIUS live, or to find a SIRIUS retailer
or car dealer in your area.
Any statements that express, or involve discussions as to, expectations,
beliefs, plans, objectives, assumptions, future events or performance with
respect to SIRIUS Satellite Radio Inc. are not historical facts and may be
forward-looking and, accordingly, such statements involve estimates, assumptions
and uncertainties which could cause actual results to differ materially from
those expressed in any forward-looking statements. Accordingly, any such
statements are qualified in their entirety by reference to the factors discussed
in our Registration Statement on Form S-4 (File No. 333-101317) filed with the
Securities and Exchange Commission on November 20, 2002. Among the key factors
that have a direct bearing on our results of operations are: our need for
substantial additional financing in the first half of this year; our dependence
upon third parties to manufacture, distribute, market and sell SIRIUS radios and
components for those radios; the unproven market for our service; our
competitive position and any events which affect the useful life of our
satellites.
The foregoing shall not constitute an offer to sell or the solicitation of an
offer to buy, nor shall there be any sale of shares of common stock of SIRIUS in
any state in which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such state.
Investors and security holders are urged to read the prospectus and the
Registration Statement on Form S-4 relating to the exchange offer for our debt
(and amendments thereto) which contain important information.
These and other documents are filed with the SEC and may be obtained free at the
SEC's web site at www.sec.gov. You may also obtain for free each of these
documents (when available) from Sirius by directing your request to Patrick
Donnelly, Executive Vice President and General Counsel at (212) 584-5100.
Media Contacts:
Jim Collins Mindy Kramer
Media and Investor Relations Media Relations
212-901-6422 212-584-5138
jcollins@SIRIUSradio.com mkramer@SIRIUSradio.com
Cheryl Cramer Thomas Meyer
Investor Relations Media Relations
212-901-6466 310-578-0425
ccramer@SIRIUSradio.com thomas.meyer@pr21.com
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STATEMENT OF DIFFERENCES
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