e.Digital Corporation (fka EDIG)

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XM Satellite goes back to the market
Jeff Clabaugh
Staff Reporter
For the fifth time since going public in 1999, District-based XM Satellite Radio plans to sell more stock to the public. It did not say how much the offering was intended to raise.


The company says it will sell 7 million shares of common stock and existing shareholders will sell another 11 million. XM did not say what the new proceeds would be used for, although the company continues to spend more than it makes despite a target to break even by the end of 2004.

XM Satellite has said it intends to end the year with 2.8 million subscribers, and earlier this month struck a deal with Jet Blue and AirTran to offer its service as free in-flight entertainment.