Exhibit 99.1
LIBERTY MEDIA CLOSES INVESTMENT IN SIRIUS XM RADIO
SIRIUS XM and Lenders Agree to Extend Outstanding Loans Due in May
NEW YORK, NY— March 6, 2009 — SIRIUS XM Radio Inc. (NASDAQ: SIRI) and Liberty Media Corporation
(NASDAQ: LINTA, LINTB, LCAPA, LCAPB, LMDIA, LMDIB) today announced the closing of the second, and
final, phase of the previously announced investment by Liberty in SIRIUS XM.
Mel Karmazin, Chief Executive Officer of SIRIUS XM Radio, said, “We are excited to have closed the
second and final phase of our investment agreement with Liberty Media. It is an example of the
confidence our lenders and Liberty have in our business model. These transactions resolve all of
the uncertainty surrounding the company’s and its subsidiaries’ debt maturing in 2009. Having
addressed our near-term financial obligations, we remain focused on continuing to deliver on all
the promise of the merger of SIRIUS and XM — a more efficient company offering the best
programming through new packages to more subscribers.”
“We are pleased to have completed the second phase of this investment,” said Greg Maffei,
president and CEO of Liberty. “This closing allows Liberty to align itself with one of the most
exciting companies in media today.”
SIRIUS XM also announced that XM Satellite Radio, a wholly owned subsidiary of SIRIUS XM, amended
and extended its existing $350 million credit facilities. XM Satellite Radio’s existing term loan
and revolving loan have been rolled into a single term loan facility. As previously agreed,
Liberty has purchased $100 million aggregate principal amount from the lenders.
Liberty has committed to loan an additional $150 million to XM Satellite Radio, to be used to repay
a portion of the outstanding principal amount of 10% Convertible Notes due December 1, 2009 of XM
Satellite Radio Holdings Inc.
Under the existing terms of their agreement, SIRIUS XM has issued Liberty an aggregate of 12.5
million shares of new preferred stock convertible into 40% of the common stock of SIRIUS XM.
J.P. Morgan Securities acted as financial advisor to SIRIUS XM in connection with the transactions.
UBS and Lazard Freres & Co. LLC acted as financial advisors to Liberty Media Corporation.
Important additional information regarding this investment and the terms of the amended credit
facilities will be available in a Current Report on Form 8-K which SIRIUS XM expects to file with
the Securities and Exchange Commission.
About SIRIUS XM Radio
SIRIUS XM Radio is America’s satellite radio company delivering commercial-free music channels,
premier sports, news, talk, entertainment, traffic and weather, to more than 18.9 million
subscribers.
SIRIUS XM Radio has content relationships with an array of personalities and artists, including
Howard Stern, Martha Stewart, Oprah Winfrey, Jimmy Buffett, Jamie Foxx, Barbara Walters, Opie &
Anthony, Bubba the Love Sponge(R), The Grateful Dead, Willie Nelson, Bob Dylan, Tom Petty, and Bob
Edwards. SIRIUS XM Radio is the leader in sports programming as the Official Satellite Radio
Partner of the NFL, Major League Baseball(R), NASCAR(R), NBA, NHL(R), and PGA TOUR(R), and
broadcasts major college sports.
SIRIUS XM Radio has arrangements with every major automaker. SIRIUS XM Radio products are available
at shop.sirius.com and shop.xmradio.com, and at retail locations nationwide, including Best Buy,
RadioShack, Target, Sam’s Club, and Wal-Mart. SIRIUS XM Radio also offers SIRIUS Backseat TV, the
first ever live in-vehicle rear seat entertainment featuring Nickelodeon, Disney Channel and
Cartoon Network; XM NavTraffic(R) service for GPS navigation systems delivers real-time traffic
information, including accidents and road construction, for more than 80 North American markets.
About Liberty Media Corporation
Liberty Media Corporation owns interests in electronic retailing, media, communications and
entertainment businesses. Those interests are attributed to three tracking stock groups: (1) the
Liberty Interactive group, which includes Liberty’s interests in QVC, Provide Commerce,
Backcountry.com, BUYSEASONS, Bodybuilding.com, IAC/InterActiveCorp, and Expedia, (2) the Liberty
Entertainment group, which includes Liberty’s interests in The DIRECTV Group, Inc., Starz
Entertainment, FUN Technologies, Inc., GSN, LLC, WildBlue Communications, Inc., and Liberty Sports
Holdings LLC, and (3) the Liberty Capital group, which includes all businesses, assets and
liabilities not attributed to the Interactive group or the Entertainment group including its
subsidiaries Starz Media, LLC, Atlanta National League Baseball Club, Inc., and TruePosition, Inc.,
and minority equity investments in Time Warner Inc. and Sprint Nextel Corporation.
This communication contains “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements include, but are not limited to,
statements about the benefits of the business combination transaction involving SIRIUS and XM,
including potential synergies and cost savings and the timing thereof, future financial and
operating results, the combined company’s 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-looking statements are based upon the current beliefs and
expectations of SIRIUS’ and XM’s management and are inherently subject to significant business,
economic and competitive uncertainties and contingencies, many of which are difficult to predict
and generally beyond the control of SIRIUS and XM.
Actual results may differ materially from the results anticipated in these forward-looking
statements. The following factors, among others, could cause actual results to differ materially
from the anticipated results or other expectations expressed in the forward-looking statement:
general business and economic conditions; the performance of financial markets and interest rates;
the failure to realize synergies and