6 Exhibit 99 FOR IMMEDIATE RELEASE CD RADIO EXPANDS TO 100 CHANNELS WITH FOURTH SATELLITE New York, N.Y. - May 29, 1998 - CD Radio Inc. (Nasdaq: CDRD) announced today that it has exercised its option to purchase a fourth satellite from Loral Space & Communications Ltd., doubling CD Radio's planned broadcast capacity to 100 channels in its nationwide satellite-to-car radio broadcasting system scheduled for launch beginning next year. "In terms of incremental value delivered to consumers, the step-up from 50 channels to 100 channels is analogous to the difference between a regular bookstore and a Barnes and Noble superstore," said David Margolese, CD Radio's chairman and chief executive. "The expanded system will be used to deliver more of what people want -- more music, more choice. Additionally, it will also be used to address the Hispanic and sports markets in a significant way, and to generate additional advertising revenues on our non-music channels." Under terms of the agreement, Loral replaces Arianespace as CD Radio's launch service provider, delivering three Loral FS-1300 satellites in-orbit on a turnkey basis along with one ground spare. Launches are scheduled for November 1999, December 1999, and January 2000. CD Radio's incremental cost of the expanded system is approximately $290 million, of which Loral has provided assistance in arranging $145 million of financing primarily through Bank of America. Last year, CD Radio was granted one of two FCC national satellite radio broadcast licenses. The company is building a satellite-to-car 100 channel radio system for the broadcast of music and other programming to motorists throughout the United States. The majority of CD Radio's planned programming formats are generally unavailable on conventional radio stations in any single market. Furthermore, unlike conventional stations, which have an average range of approximately 30 miles before reception fades, CD Radio's signal is designed to cover the continental United States coast to coast. Music channels will be commercial-free, unlike conventional stations which interrupt their broadcasts with up to 18 minutes of commercials during every hour of music programming. More information about CD Radio is available from the web site www.cdradio.com. - more - 7 Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as 'will likely result,' 'are expected to,' 'will continue,' 'is anticipated,' 'estimated,' 'intends,' 'plans,' 'projection,' and 'outlook') 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 the forward-looking statements. Accordingly, any such statements are qualified in their entirety by reference to, and are accompanied by, the factors discussed in CD Radio's Annual Report on Form 10-K for the year ended December 31, 1997. Among the key factors that have a direct bearing on CD Radio's results of operations are the potential risk of delay in implementing CD Radio's business plan; increased costs of construction and launch of necessary satellites; dependence on satellite construction and launch contractors; risk of launch failure; unproven market and unproven applications of existing technology; and CD Radio's need for additional substantial financing. For Further Information: Madeline Couton, CD Radio, 212-899-5000 8 CD Radio's 100 channels will offer listeners a wide range of music categories as well as news, sports and talk radio programming. Currently, CD Radio anticiaptes that its 100 broadcast channels will be allocated as follows: 1. Symphonic 51. News 2. Chamber Music 52. News 3. Opera 53. News 4. Top of the Charts 54. News 5. '50s Hits 55. News 6. '60s Hits 56. News 7. '70s Hits 57. News 8. '80s Hits 58. News 9. '90s Hits 59. News 10. Soft Rock 60. News 11. Love Songs 61. Sports 12. Singers & Songs 62. Sports 13. Beautiful Instrumentals 63. Sports 14. Broadway's Best 64. Sports 15. Big Band/Swing 65. Sports 16. Classic Jazz 66. Sports 17. Contemporary Jazz 67. Sports 18. NAC Jazz 68. Sports 19. New Age 69. Sports 20. Soul Ballads 70. Sports 21. Contemporary R&B 71. Entertainment 22. Classic Soul Hits 72. Entertainment 23. R&B Oldies 73. Entertainment 24. Rap/Hip Hop 74. Entertainment 25. Dance 75. Entertainment 26. Tropical 76. Entertainment 27. Latin Jazz 77. Entertainment 28. Boleros 78. Entertainment 29. Latin Contemporary 79. Entertainment 30. Merengue 80. Entertainment 31. Cumbia 81. Hispanic 32. Mexicana 82. Hispanic 33. Tex-Mex 83. Hispanic 34. Rock en Espanol 84. Hispanic 35. Country Hits 85. Hispanic 36. Modern Country 86. Hispanic 37. Classic Country 87. Hispanic 38. Folk Rock 88. Hispanic 39. Alternative Rock I 89. Hispanic 40. Alternative Rock II 90. Hispanic 41. Classic Rock I 91. Specialty 42. Classic Rock II 92. Specialty 43. Album Rock 93. Specialty 44. Hard Rock/Metal 94. Specialty 45. Blues 95. Specialty 46. Reggae 96. Specialty 47. World Beat 97. Specialty 48. Gospel 98. Specialty 49. Contemporary Christian 99. Specialty 50. Children's Entertainment 100. Specialty