SIRIUS XM Radio Inc. (Nasdaq: SIRI) and Liberty Media Corporation (Nasdaq: LINTA, LINTB, LCAPA, LCAPB, LMDIA, LMDIB) have closed the second, and final, phase of the previously announced investment by Liberty in SIRIUS XM.

SIRIUS XM also announced that XM Satellite Radio, a wholly owned subsidiary of SIRIUS XM, amended and extended its existing $350 million credit facilities. XM Satellite Radio's existing term loan and revolving loan have been rolled into a single term loan facility. As previously agreed, Liberty has purchased $100 million aggregate principal amount from the lenders. Liberty has committed to loan an additional $150 million to XM Satellite Radio, to be used to repay a portion of the outstanding principal amount of 10 percent Convertible Notes due December 1, 2009 of XM Satellite Radio Holdings Inc. Under the existing terms of their agreement, SIRIUS XM has issued Liberty an aggregate of 12.5 million shares of new preferred stock convertible into 40 percent of the common stock of SIRIUS XM. J.P. Morgan Securities acted as financial advisor to SIRIUS XM in connection with the transactions. UBS and Lazard Freres & Co. LLC acted as financial advisor to Liberty Media Corporation. \