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0000950123-07-012514.txt : 200709110000950123-07-012514.hdr.sgml : 2007091120070911170121ACCESSION NUMBER:0000950123-07-012514CONFORMED SUBMISSION TYPE:425PUBLIC DOCUMENT COUNT:6FILED AS OF DATE:20070911DATE AS OF CHANGE:20070911

SUBJECT COMPANY:

COMPANY DATA:COMPANY CONFORMED NAME:XM SATELLITE RADIO HOLDINGS INCCENTRAL INDEX KEY:0001091530STANDARD INDUSTRIAL CLASSIFICATION:COMMUNICATION SERVICES, NEC [4899]IRS NUMBER:541878819STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:425SEC ACT:1934 ActSEC FILE NUMBER:000-27441FILM NUMBER:071111486

BUSINESS ADDRESS:STREET 1:1500 ECKINGTON PL NECITY:WASHINGTONSTATE:DCZIP:20002BUSINESS PHONE:2023804000

MAIL ADDRESS:STREET 1:1500 ECKINGTON PL NECITY:WASHINGTONSTATE:DCZIP:20002

FILED BY:

COMPANY DATA:COMPANY CONFORMED NAME:SIRIUS SATELLITE RADIO INCCENTRAL INDEX KEY:0000908937STANDARD INDUSTRIAL CLASSIFICATION:RADIO BROADCASTING STATIONS [4832]IRS NUMBER:521700207STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:425

BUSINESS ADDRESS:STREET 1:1221 AVENUE OF THE AMERICASSTREET 2:36TH FLOORCITY:NEW YORKSTATE:NYZIP:10020BUSINESS PHONE:2128995000

MAIL ADDRESS:STREET 1:1221 AVENUE OF THE AMERICASSTREET 2:36TH FLOORCITY:NEW YORKSTATE:NYZIP:10020

FORMER COMPANY:FORMER CONFORMED NAME:CD RADIO INCDATE OF NAME CHANGE:19940203

4251y39498e425.htmFORM 425

425

Filed by Sirius Satellite Radio Inc.
Pursuant to Rule425 under the
Securities Act of 1933 and deemed filed
pursuant to Rule14a-12 under the
Securities Exchange Act of 1934

Subject Company: XM Satellite Radio Holdings Inc.
Commission File No.: 0-27441

This communication contains forward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995. Such statements include, but are not limited to,statements about the benefits of the business combination transaction involving Sirius SatelliteRadio Inc. and XM Satellite Radio Holdings Inc., including potential synergies and cost savings andthe timing thereof, future financial and operating results, the combined companys plans,objectives, expectations and intentions with respect to future operations, products and services;and other statements identified by words such as anticipate, believe, plan, estimate,expect, intend, will, should, may, or words of similar meaning. Such forward-lookingstatements are based upon the current beliefs and expectations of SIRIUS and XMs management andare inherently subject to significant business, economic and competitive uncertainties andcontingencies, many of which are difficult to predict and generally beyond the control of SIRIUSand XM. Actual results may differ materially from the results anticipated in these forward-lookingstatements.

The following factors, among others, could cause actual results to differ materially from theanticipated results or other expectations expressed in the forward-looking statement: generalbusiness and economic conditions; the performance of financial markets and interest rates; theability to obtain governmental approvals of the transaction on a timely basis; the failure ofSIRIUS and XM stockholders to approve the transaction; the failure to realize synergies andcost-savings from the transaction or delay in realization thereof; the businesses of SIRIUS and XMmay not be combined successfully, or such combination may take longer, be more difficult,time-consuming or costly to accomplish than expected; and operating costs and business disruptionfollowing the merger, including adverse effects on employee retention and on our businessrelationships with third parties, including manufacturers of radios, retailers, automakers andprogramming providers. Additional factors that could cause SIRIUS and XMs results to differmaterially from those described in the forward-looking statements can be found in SIRIUS and XMsAnnual Reports on Form 10-K for the year ended December31, 2006, and Quarterly Reports on Form10-Q for the quarters ended March31, 2007 and June30, 2007, which are filed with the Securitiesand Exchange Commission (the SEC) and available at the SECs Internet site (http://www.sec.gov).The information set forth herein speaks only as of the date hereof, and SIRIUS and XM disclaim anyintention or obligation to update any forward looking statements as a result of developmentsoccurring after the date of this communication.

Important Additional Information Will be Filed with the SEC

This communication is being made in respect of the proposed business combination involvingSIRIUS and XM. In connection with the proposed transaction, SIRIUS has filed with the SEC aRegistration Statement on Form S-4 containing a preliminary Joint Proxy Statement/Prospectus andeach of SIRIUS and XM plans to file with the SEC other documents regarding the proposedtransaction. The definitive Joint Proxy Statement/Prospectus will be mailed to stockholders ofSIRIUS and XM. INVESTORS AND SECURITY HOLDERS OF SIRIUS AND XM ARE URGED TO READ THE PRELIMINARYJOINT

PROXY STATEMENT/PROSPECTUS AND THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS WHEN IT BECOMESAVAILABLE, AS WELL AS OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN THEIR ENTIRETY WHEN THEYBECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Investors and security holders can obtain free copies of the Registration Statement and theJoint Proxy Statement/Prospectus and other documents filed with the SEC by SIRIUS and XM throughthe web site maintained by the SEC at www.sec.gov. Free copies of the Registration Statement andthe Joint Proxy Statement/Prospectus and other documents filed with the SEC can also be obtained bydirecting a request to Sirius Satellite Radio Inc., 1221 Avenue of the Americas, 36thFloor, New York, NY 10020, Attention: Investor Relations or by directing a request to XM SatelliteRadio Holdings Inc., 1500 Eckington Place, N.E. Washington, DC 20002, Attention: InvestorRelations.

SIRIUS, XM and their respective directors and executive officers and other persons may bedeemed to be participants in the solicitation of proxies in respect of the proposed transaction.Information regarding SIRIUS directors and executive officers is available in its Annual Report onForm 10-K for the year ended December31, 2006, which was filed with the SEC on March1, 2007, andits proxy statement for its 2007 annual meeting of stockholders, which was filed with the SEC onApril23, 2007, and information regarding XMs directors and executive officers is available inXMs Annual Report on Form 10-K, for the year ended December31, 2006, which was filed with the SECon March1, 2007 and its proxy statement for its 2007 annual meeting of stockholders, which wasfiled with the SEC on April17, 2007. Other information regarding the participants in the proxysolicitation and a description of their direct and indirect interests, by security holdings orotherwise, is contained in the preliminary Joint Proxy Statement/Prospectus filed with the SEC.

***

SIRIUS website, which is available at www.SIRIUSmerger.com and has information about SIRIUSproposed merger, has been updated. The updates include the information being filed herewith.

Note to the FTC: Get out more
Editorial
Chicago Tribune
September1, 2007

Whole Foods Market Inc. said this week that it has lined up the lenders it needs to finance thebuyout of its rival, Wild Oats Markets Inc. But it has been a long, strange trip to this dealbetween granola giants.

Bottom line: Whole Foods has survived some embarrassment, but federal regulators still look liketheyre fighting 20th Century wars. Theyre so focused on old models of markets that they cant seethe new markets right in front of them.

A quick recap: The Federal Trade Commission fought this deal, arguing that it would narrowcompetition in the market for organic foods.

U.S. District Judge Paul F. Friedman ruled Aug. 16 that that was not so, that grocery shoppersseeking organic and natural goods would still have plenty of choices if Whole Foods bought WildOats.

The FTC continued to oppose the merger, arguing that Friedman ignored evidence of an effort tocorner the organic foods market. Whole Foods Chief Executive Officer John Mackey had caused someself-inflicted wounds by sending an e-mail that suggested the deal would allow his company toavoid nasty price wars. Mackey you wouldnt think a company CEO would have this much time onhis hands had also made anonymous comments on some Web sites that slapped at Wild Oats andboosted his own firm.

But the U.S. Court of Appeals for the District of Columbia rejected the FTCs bid to block themerger, and it is now going forward.

If the beleaguered FTC is looking for new leadership, it might see if Judge Friedman has acandidate. Friedmans 93-page opinion in this case made a pretty compelling argument thatcompetition for natural and organic grocery goods in the U.S. will continue to thrive even if WholeFoods takes Wild Oats.

He first dealt with the critical question of defining the marketplace. Do these companies competein the larger arena of supermarkets or in their own walled-off compound of premium and organicsupermarkets? The companies argued its the former and the FTC that its the latter. In the FTCview, a post-merger Whole Foods would be free to raise prices or slash the quality of its organicand natural goods. Consumers would have no choice but to pay those prices or accept lower quality.

But anyone who has spent more than five minutes recently in a conventional grocery store knows thatisnt the case. They are expanding by the day their offerings of natural and organic produce andother goods. Why? Because more shoppers want it and supermarkets from Whole Foods to Jewel andDominicks are racing to accommodate that demand. Natural and organic produce and prepared foodsare no longer considered

specialty items. They are mainstream. The judge noted that conventional supermarkets already sellthe majority of natural and organic goods in the U.S.

Cross-shopping is the norm, with customers on some days buying organic and natural goods at Jewelor Dominicks and other days buying those goods at Whole Foods, Trader Joes or even big boxes likeCostco and Wal-Mart. It depends on convenience, price, quality, service.

The FTC may not consider conventional supermarkets to be competitive with Whole Foods. But WholeFoods does. When scouting a new store location, Whole Foods systematically considers everysignificant supermarket chain in the area a potential competitor, Friedman wrote. When a new WholeFoods store opens in a market, most of Whole Foods sales come from other supermarkets in the area even when a Wild Oats store is nearby.

This isnt the only recent example of the government trying to block a merger using a narrow,outdated definition of the market. Thats an issue in the proposed marriage of satellite radiocompanies XM and Sirius, too. XM and Sirius have a load of competitors in radio.

The FTC folks really ought to get out more. Go shopping. Flip on the radio. Youll be amazed at thechoices.

Satellite Merger Good For Diversity
Blacks give nod to XM and Sirius
By George Alexander
Black Enterprise
August30, 2007

While some lobbyists oppose the merger between satellite radio companies XM and Sirius, the NAACPhas given the proposed merger a vote of confidence. Earlier this year the two entities announcedtheir plans to merge in a transaction valued at $13billion. The merger is pending regulatoryapproval with a decision expected this fall.

XM and Sirius have both been strong presenters of diverse programming, a major factor theNAACP cites in supporting the proposed merger. XMs channel The Power, with shows featuring Rev. AlSharpton and activist Joe Madison, is known for offering some of the most provocative talk radio inthe country covering issues affecting African Americans. XM also carries shows featuring OprahWinfrey, Maya Angelou, Wynton Marsalis and Tyra Banks. Sirius, too, offers shows featuring Blackcelebrities and sports figures such as Keyshawn Johnson, Tiki Barber, Jamie Foxx and 50 Cent.

In addition to diversity on the airwaves, a diverse workforce is also an important issue toconsider when examining the tenets of major media consolidations. The NAACP is also sanguine onthat front. We understand that both companies maintain a strong commitment to diversity andutilize significant resources to recruit and retain minority talent and leadership at all levels,said NAACP Washington Bureau director Hillary Shelton in a letter to the FCC. While it has beenannounced that Mel Karmazin, CEO of Sirius, would be CEO of the combined company and Gary Parsons,chairman of XM, would be chairman of the new company, XM president Nate Davis, who is AfricanAmerican and a member of XMs board since 1999, plans to play a pivotal role in the new company.

Opponents of the merger, chiefly the National Association of Broadcasters, a trade associationrepresenting local radio and TV stations, contend that the merger creates a monopoly. Davis, on theother hand, argues that the merger operates in the best interest of consumers by offering morechoices and lower prices. The only way you can get programming from the two companies (XM andSirius) today is to buy two subscriptions totaling $25.90, he says. Under the merger, satelliteconsumers will be able to choose a la carte pricing plans starting at $6.99 per month.

Management suggests in a world of increasingly robust competition from other forms of audioentertainment, news and information, the merger is necessary in order for the satellite giants toremain competitive. Although the two companies will become one, says Davis, we are stillcompeting with iPods, FM radio, AM radio, MP3 players, cell phones and Internet radio.

On issues like the fast-spreading rumor that shock man Don Imus may soon return to radio viasatellite, Davis, who has been a proponent of diversity, says candidly, I believe that people haveto be accountable for what they say. We all have a responsibility to be respectful of others whenwe talk on the air and we have no plans to put Imus on the air. Were not talking to him at all.

While the fate of the XM-Sirius merger rests in the hands of the FCC and the Dept. of Justice,right now it looks like consumers and African American talent alike could be in for a huge win.

George Alexanders column on the business of entertainment appears weekly at blackenterprise.com.He is the author of Why We Make Movies (Random House, $15.95), and Queens: Portraits of Black Womenand their Fabulous Hair (Random House, $29.95).

Competitive Electronics
BY MARK FOWLER
The New York Sun
September5, 2007

As chairman of the Federal Communications Commission in 1981, I was visited by a lobbyist for thebroadcast industry. Over-the-air broadcasters vehemently opposed the FCCs authorization of DirectBroadcast Satellite television services, and the lobbyist quickly launched into his preamble: Weare all for competition, Mr.Chairman, but ...

Meaning, forget what I said up to the word but, and now listen carefully...

In observing the broadcasters intense negative reaction to the proposed merger of the twosatellite radio companies, XM and Sirius, it struck me that little has changed in 26years. Eachyear, the skies over Washington darken as the Lear jets bring industry lobbyists to the latestbattlefront against competition and its offshoot mergers that enhance competition.

In 1981, we were only beginning to envision the possibilities of satellite-delivered entertainmentmedia services. Twenty-six years later, we live in an entertainment media marketplace that featuresa striking and exciting competitive dynamic beyond anything we could have envisioned.Although traditional over-the-air radio remains the most dominant audio entertainment platform,continued technological innovation has forced broadcasters to confront that they must offer betterservice and more choices to consumers if they are to compete and survive.

Satellite radio offers a perfect example of the phenomenon. Although it is a relatively nascentservice, launched a little more than five years ago, satellite radio today offers diverseprogramming targeted to many audiences and tastes, largely on a commercial-free basis, using veryhigh-quality digital signals.

And, in spite of the fact that satellite radio constitutes only 3.4% of radio listening today,traditional over-the-air radio operators have understood the potential threat and have had nochoice but to compete, and have been dragged, albeit kicking and screaming, into the digital age.

Thus, the broadcast industry recently introduced and is pushing its own HD Radio initiative toallow radio stations across the country to offer multiple new, high-quality digital channels.

This is all to consumers benefit. In the mean time, satellite and terrestrial radio also have beenbesieged by a host of additional competitors: iPods and other MP3 players, Internet radio services,and now mobile phones. All offer exciting new means of providing audio entertainment to consumers.

That is how things should be. Indeed, it is the precise dynamic that American communications andentertainment media policy should continue to foment. If the two satellite radio companies, eachonly several years old, need to combine to be more

effective competitors in an audio entertainment marketplace teeming with technological change andinnovation, the government should not stand in the way.

In the end, satellite radio may or may not survive, but let that be decided by the people throughtheir electronic choices in the marketplace.

Mr.Fowler served as chairman of the Federal Communications Commission during the administration ofPresident Reagan.

Satellite Radio Should Cross Signals, Ex-F.C.C. Chair Says
Andrew Ross Sorkin
New York Times
September5, 2007

The proposed merger between the nations two satellite radio players has received support from aseemingly unlikely source: a former Federal Communications Commission chairman.

In an opinion piece in Wednesdays New York Sun, Mark Fowler argues that combining Sirius and XMwould provide a vibrant competitor to the terrestrial radio networks. In fact, he says, theyalready have pushed the established players further into the digital age to consumers benefit.

Announced in February, the merger, once seen as unlikely, has been under intense scrutiny by theF.C.C. The National Association of Broadcasters, an industry lobbying group, has decried theproposed deal as a violation of federal antitrust rules. XM and Sirius argue that instead ofcreating a monopoly in the satellite radio space, their market place is the spectrum of audiobroadcasters, including terrestrial networks and Internet-based audio.

Mr.Fowler, who chaired the F.C.C. under Ronald Reagan, says in his piece that the nascent industryhas already spurred traditional broadcasters to innovate. The introduction of high-definitiondigital signals was a direct response to satellite radio, which holds only about 3 to 4percent ofthe radio market.

Mr.Fowler, whose term was marked by a preference for deregulation, hews closely to the satellitebroadcasters arguments and says that ultimately the more consumer choice, the better: In the end,satellite radio may or may not survive, but let that be decided by the people through theirelectronic choices in the marketplace.

September4, 2007

The Honorable Kevin J. Martin, Chairman
Federal Communications Commission
445 12th Street, S.W.
Washington, DC 20554

Re: Application for Authority to Transfer Control of XM Radio Inc. and Sirius SatelliteRadio Inc., MB Docket No.07-57

Dear Chairman Martin:

I am writing to express my support for the proposed merger of XM Radio Inc. and SiriusSatellite Radio Inc., which is currently under your review in MB Docket No.07-57. The proposedmerger should be considered in the context of a broad market definition, which includes the entiremarketplace for audio entertainment. Under such an appropriate definition, the merger would combineonly a small percentage of the market, but would lead to significant pro-consumer benefits. I,therefore, believe the merger is in the public interest and urge that the Commission approve it.

The relevant market for competition purposes is the entire marketplace for audioentertainment, including terrestrial radio, Internet radio and Internet-protocol enabledapplications. The relevant market clearly includes all of terrestrial radio, as evidenced byrepeated statements by leading broadcast companies that they are in competition with satelliteradio. The strong opposition of the NAB to the merger lends credence to the reality thatterrestrial and satellite radio are in direct competition.

The relevant market also includes Internet radio and both Internet-based streams and Internetdelivered downloads of music.

In that large, highly competitive market, satellite radio is a small player. In a Fall 2006Arbitron survey, satellite radio listening accounted for only 3.4% of all radio listening. Thatsame survey showed that satellite radio listeners are avid listeners to terrestrial radio. In fact,satellite radio listeners listen to XM or Sirius for 10.75 hours weekly while they listen toterrestrial radio more, for an average total of 14 hours weekly. They listen to Internet radio 8.25hours weekly.

The Honorable Rick Boucher
September4, 2007
Page 2

These figures clearly show that satellite radio is in competition with terrestrial radio, thatpeople who listen to satellite radio interchange their listening patterns among various radiosources and that satellite radio listeners are listening to terrestrial radio more than twice asmuch as they listen to satellite radio. Not only do listeners treat the market as unified amongsatellite, terrestrial and Internet radio, they prefer terrestrial radio to either of the othermediums.

With respect to consumer benefits, both companies maintain separate entertainment offerings atthe present time. The merger would extend to consumers larger choices from among those programofferings. The companies recently announced that they will offer a total of eight program packagespost-merger, including several options that will enable consumers to select channels on an a lacarte basis. Moreover, the extra bandwidth which the elimination of duplication would produce willresult in the offering of more public interest programming than either company now offers. Thecombined company will be able to expand diverse programs for underserved interests, such as forforeign language and religious programming.

For these reasons, I urge the Commission to complete its review of this transaction and allowthe two companies to proceed with their merger plans.

Thanking you for your consideration of these comments, I remain with kind personal regards

Sincerely,

Rick Boucher
Member of Congress

RB/jas

cc: Commissioner Michael J. Copps
Commissioner Jonathan S. Adelstein
Commissioner Deborah Taylor Tate
Commissioner Robert M. McDowell

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