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Sirius Backseat TV will broadcast video to a receiver located in vehicles. These video receivers can also accept regular Sirius radio signals and will be available first in the 2009 Chrysler Town and Country and Grand Caravans later this year. The factor installed kit will include the receiver and a one-year subscription to the service. Sirius is also preparing an after market model to be released this summer.

The first wave of video content will include Nickelodeon shows, Disney Channel and Cartoon Network shows. You’ll be able to ssee SpongeBob, Jimmy Neutron, Hannah Montana and Dexters Lab all while heading over to Grandmas house. Sirius

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Under the terms of the agreement, XM shareholders will receive a fixed exchange ratio of 4.6 shares of SIRIUS common stock for each share of XM they own. XM and SIRIUS shareholders will each own approximately 50 percent of the combined company.

Mel Karmazin, currently Chief Executive Officer of SIRIUS, will become Chief Executive Officer of the combined company and Gary Parsons, currently Chairman of XM, will become Chairman of the combined company. The new company’s board of directors will consist of 12 directors, including Messrs. Karmazin and Parsons, four independent members designated by each company, as well as one representative from each of General Motors and American Honda. Hugh Panero, the Chief Executive Officer of XM, will continue in his current role until the anticipated close of the merger.

The combined company will benefit from a highly experienced management team from both companies with extensive industry knowledge in radio, media, consumer electronics, OEM engineering and technology. Further management appointments will be announced prior to closing. The companies will continue to operate independently until the transaction is completed and will work together to determine the combined company’s corporate name and headquarters location prior to closing.

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