CD Radio makes license payment.WASHINGTON--(BUSINESS WIRE)--April 16, 1997--CD Radio Inc. (Nasdaq: CDRD CDRD Centre for Drug Research and Development (Vancouver BC, Canada) CDRD Cutaneous Drug Reaction Database CDRD Contract Data Requirements Document ) announced that on April 14, 1997 it paid $13.7 million to the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. in connection with its winning bid for a satellite radio broadcast license. On April 2, 1997, the company was the winning bidder for its satellite radio license, bidding $83.3 million. Under FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. payment terms for the license, the company was required to pay 20% of its winning bid, $13.7 million, plus an earlier deposit of $3 million, by April 16, 1997. The balance of the bid is due after an additional pleading cycle, assuming that any such pleadings are dismissed. CD Radio is the winning bidder for one of two FCC national satellite radio broadcast licenses. The company is engaged in the development of a satellite-to-car 50 channel radio service for delivery to motorists throughout the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . CONTACT: CD Radio, Washington David Margolese, 202/296-6192 |
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