WorldSpace Files SEC Registration for Initial Public Offering

WASHINGTON, April 20, 2005/Satnews Daily/ — WorldSpace, Inc. filed last week a registration statement with the U.S. Securities and Exchange Commission for the initial public offering of $100 million of its Class A common stock.

WorldSpace pioneered satellite delivery of digital audio radio services (DARS). Through its subscription-based service, WorldSpace broadcasts news, music, brand name content and educational programming.

The company has two geo-stationary satellites, AfriStar and AsiaStar, allowing it to deliver more than 100 digital quality audio channels per satellite as well as multimedia content directly to WorldSpace Satellite Radio receivers in a global service area that includes Asia, Western Europe, Africa and the Middle East.

Founded in 1990, WorldSpace has global headquarters in Washington D.C. and created the initial proprietary technology and programming infrastructure that both WorldSpace Satellite Radio and XM Satellite Radio are built on. According to the company, WorldSpace today provides 5% of XM Satellite Radio programming.

WorldSpace is not expected to compete in the U.S. which already has two satellite radio broadcast licenses owned by XM and Sirius Satellite.

According to Donald J. Frickel, WorldSpace's general counsel, the date and target price for the offering will depend on an SEC review and investor response to the company's presentation of its business plan.

Last year, WorldSpace reported revenue of $8.5 million, down from $13 million for 2003, according to SEC filings. It posted net losses of $577 million in 2004 and $217 million in 2003.

Recent Stories:

WorldSpace Unveils Data-casting and Multicasting Capabilities