XM Satellite Radio

XM Satellite Radio {{nasdaq|XMSR}} is a satellite radio (DARS) service in the United States based in Washington, DC and controlled by News Corporation's DirecTV, General Motors, American Honda, Hughes Electronics, and several private investment groups.

Controlling interest

The company's May 2004 proxy statement notes that four directors are subject to director designation agreements with GM, American Honda, the chairman, and the CEO. Four additional directors are investors, and two are not affiliated with any significant stockholders.

Related Topics:
2004 - Director designation agreement

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As of that statement, GM owned 8.6% of the Class A common stock (a voting percentage of less than 1%) and Honda owned 13% (with a voting percentage of 3.6%).

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Until they unaminously agree otherwise, control of the company remains with the preferred shareholder and noteholders of the company, including Hughes Electronics, GM, Honda, and several private investment groups.

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