XMSR Gives Quarterly Dividend on Series B Preferred Stock

XM Satellite Radio (Nasdaq: XMSR) announced that it has declared a regular quarterly dividend on its 8.25% Series B Convertible Redeemable Preferred Stock.

The dividend is payable in shares of the Company's Class A Common Stock at a rate of $1.0313 per share of Series B Preferred Stock owned, with fractional shares to be paid in cash. The shares of Class A Common Stock to be issued will be valued at 95% of the average daily price of the Class A Common Stock for the 10 consecutive trading days ending on January 13, 2005.

The dividend is payable as of February 1, 2005, to Series B convertible preferred stockholders of record of XM Satellite Radio Holdings Inc. as of January 21, 2005.