CD Radio receives regulatory clearance to begin construction of satellite system.WASHINGTON--(BUSINESS WIRE)--Sept. 5, 1995--In a victory for the fledgling satellite radio industry, CD Radio Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CDRD CDRD Centre for Drug Research and Development (Vancouver BC, Canada) CDRD Cutaneous Drug Reaction Database CDRD Contract Data Requirements Document ) announced today that it has received regulatory approval to begin construction of its direct broadcast satellite system. CD Radio has applied for a license from the 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. to provide a new type of national radio broadcasting The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. service, in which satellites will broadcast dozens of music channels, in CD quality fidelity, directly to motorists anywhere in the country. While CD Radio's license application is still pending, in today's action the FCC granted the company's request to spend $10 million to begin building its satellite system prior to licensing. David Margolese, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CD Radio, said that today's action allows Space/Systems Loral to begin construction of CD Radio's satellite system. He stated that the company has reached a $200 million agreement with Space/Systems Loral for both the development and construction of a satellite radio system for CD Radio. Grant of authorization to begin satellite construction does not constitute a license, and there can be no assurance that a license will ultimately be granted. CD Radio is the world leader in the emerging satellite radio broadcasting industry. The company is engaged in the development of a subscription based satellite radio system for the nationwide delivery of 30 channels of commercial-free, digital compact-disc-quality music to be broadcast directly 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 Inc., Washington, D.C. David Margolese, 202-296-6192 |
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