LAS VEGAS, Nev. (January 10, 2000) -- First there was AM, then FM and soon... XM Satellite Radio.
Officials from the National Association for Stock Car Auto Racing and XM Satellite Radio (NASDAQ:XMSR) have announced a strategic alliance to create the nation's first 24-hour, seven-day-a-week, all-NASCAR radio channel, exclusively for XM - making NASCAR the first sports property in the United States to announce a satellite radio partnership. The announcement was made at the Consumer Electronics Show in Las Vegas.
The XM NASCAR channel will focus on the total NASCAR lifestyle and experience: the races, cars, drivers, fans, collectibles, behind-the-scenes interviews and features, and in-depth analysis of all NASCAR events.
"Today's announcement is another example of how we can develop new strategic values and new media products by retaining and negotiating all electronic media rights that will significantly benefit the entire industry, and particularly our fans," said Bray Cary, vice president of broadcasting and technology for NASCAR. "We intend to lead in the digital broadcasting revolution of the next decade. Through our cutting-edge radio broadcasting agreement with XM, NASCAR'S dedicated audio channel will significantly increase our reach and enable us to stay in touch with our highly mobile fans around the clock, seven days a week from coast to coast."Just as the cable TV networks redefined television, satellite radio will radically redefine the world of radio. XM Satellite Radio is developing a new band of radio, targeted to launch in early 2001. XM will create up to 100 channels of digital-quality music, news, sports, talk and children's programming, which will be uplinked to XM's powerful satellites. The transmission directly offers the convenience of nationwide reception and the quality of digital sound to vehicle, home and portable radios from coast to coast for a monthly subscription fee of $9.95.
"The agreement with XM Radio, like the television consolidation agreement with Fox, NBC and Turner Sports that was announced in November, captures our vision of the sport of NASCAR's future," said Brian France, senior vice president for NASCAR. "All of the new media ventures being pursued by NASCAR is reflective of the strategic values that have been created for the sport in recent years. Additionally, the new media agreements that have been announced or will be announced throughout the 2000 season will showcase NASCAR racing to millions of sports fans like never before, providing fans with an interactive experience and bringing them closer to NASCAR in ways they could have never imagined."XM Satellite Radio obtained one of only two satellite digital audio radio service (SDARS) licenses from the Federal Communications Commission in October 1997.
"We are thrilled about this unique collaboration," said Hugh Panero, president and CEO of XM Satellite Radio Inc. "NASCAR is a way of life for millions of fans, who are among the most loyal and enthusiastic in the country, if not the world. The interests of a NASCAR fan and a future XM subscriber are synonymous: they love their cars and their music with equal passion. XM is committed to offering this dynamic audience an unprecedented selection of programming options around the clock, including in-depth features, interviews and information related to NASCAR."XM is backed by a group of industry-leading strategic investors, including General Motors and Clear Channel Communications and DIRECTV, the leading radio and satellite companies in the United States.
XM will offer a broad selection of listening choices created by its XM Originals programming unit and its best-of-brand programming partners. NASCAR joins an impressive line up of premier content providers, including USA TODAY, the BBC World Service, Black Entertainment Television, Radio One, the Hispanic Broadcasting Corporation, Bloomberg News Radio, C-SPAN Radio, CNN/Financial Network, CNN/Sports Illustrated, The NewsHour with Jim Lehrer, The Weather Channel, One-On-One Sports and many others.
In October 1999, XM Satellite Radio (NASDAQ:XMSR) completed a successful public offering on NASDAQ. American Mobile Satellite Corporation (NASDAQ:SKYC) holds controlling interest in the company. XM's other investors include industry leaders Clear Channel Communications Inc.; DIRECTV, Inc., a unit of Hughes Electronics Corporation; the General Motors Corporation; and a private investment group comprised of Columbia Capital, Telcom Ventures L.L.C., and Madison Dearborn Partners, which together invested $250 million in the company in July 1999. For more information, visit XM's website: www.xmradio.com.
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