BLACKSTONE GROUP IS CONSIDERING DISTRIBUTION OF A PORTION OF ITS SIRIUS COMMON STOCK TO LIMITED PARTNERS
NEW YORK — June 4, 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 it has been informed by The Blackstone Group L.P. that its affiliates are considering transferring to their limited partners in the near term up to approximately 57 million shares of SIRIUS common stock.
These shares of common stock, which will be freely transferable by the limited partners, represent approximately 6.3% of the company’s currently outstanding common stock. Affiliates of Blackstone also hold warrants to purchase approximately 42 million shares of SIRIUS common stock with an average exercise price of approximately $0.99 per share. The Blackstone Group L.P. has not advised SIRIUS of its intentions relating to these warrants. Shares of SIRIUS common stock received upon exercise of these warrants would be freely transferable.
SIRIUS is the only satellite radio service bringing listeners more than 100 streams of the best music and entertainment Coast-to-coast. SIRIUS offers 60 music streams with no commercials, along with over 40 world-class sports, news, and entertainment streams for a monthly subscription fee of only $12.95, with greater savings for upfront payments of multiple months or a year or more. Stream Jockeys 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, and Audiovox, and are available at major retailers including Circuit City, Best Buy, Car Toys, Good Guys, Tweeter, Ultimate Electronics, Sears, and Crutchfield. SIRIUS is the leading OEM satellite radio provider, with exclusive partnerships with DaimlerChrysler, Ford, and BMW. Automotive brands currently offering SIRIUS radios in select new car models include BMW, MINI, Chrysler, Dodge, Jeep®, Nissan, Infiniti, and Mazda. Automotive brands that have announced plans to offer SIRIUS in select models include Ford, Lincoln, Mercury, Mercedes-Benz, Jaguar, Volvo, Audi, Volkswagen, Land Rover, and Aston Martin.
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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 Annual Report on Form 10-K for the year ended December 31, 2002 filed with the Securities and Exchange Commission. Among the key factors that have a direct bearing on our results of operations are: 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.