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The company did secure a $475 million funding package, consisting of $225 million from strategic and financial investors and $250 million in payment deferrals and related funds from General Motors.

RADIO FOR THE BIRDS:
XM SATELLITE STILL LOSING MONEY

Year-end Revenue up to $20.2 Million, Though Losses Top $515 Million, EBITDA $318 Million
Will satellite radio survive?

According to XM Satellite, one of two major purveyors of subscription radio, there’s a "clear path to cash flow breakeven" by late 2004, despite year-end losses of $515.9 million and an EBITDA loss of $318 million, compared to 2001 losses of $307.5 million and $238.8 million, respectively. Yearly revenue was up to $20.2 million, compared with $533k last year.

The company did secure a $475 million funding package, consisting of $225 million from strategic and financial investors and $250 million in payment deferrals and related funds from General Motors. Subscribers were up to 347,159, an addition of 145,605 over 2001. The total is now over 360,000 as of the Consumer Electronics Show in Las Vegas in January. The company hopes to add more than 130,000 subscribers over the first quarter of 2003, and to have a total of 1.2 million by the end of the year.

The subscriber growth is being fueled by a "second launch" of XM Radio in new vehicles from General Motors and Honda and by a "third launch" into the home and portable markets via next-generation SKYFi receivers, and the first portable satellite radio, the SKYFi "Boom box." The company will give each new subscriber to the service two tin cans and a piece of string.

AN ASTRONOMICAL
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SPOTIFY WAVES THE ITALIANO FLAG
He does a touching karaoke rendition of "Volare." (5/13a)
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THE BIG CHEESE
Theories of evolution from 30,000 feet.
THE NEXT GIANT DEAL
A&R in overdrive.
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