Ford said it would offer Sirius satellite radio receivers exclusi...
Ford said it would offer Sirius satellite radio receivers exclusively on select vehicles starting in 2003 calendar year in announcement Tues. that Sirius spokesman said “erases any speculation” that Ford had cooled in its commitment. Announcement applies to Ford,…
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Lincoln, Mercury, Jaguar, Volvo and Land Rover, with Mazda and Aston Martin expected to announce market plans later. Sirius also said it had issued Ford warrants to purchase 4 million shares of Sirius common at exercise price of $3 per share, replacing similar warrants at $30 per share exercise price under 5-year agreement signed June 11, 1999. Sirius shares closed above $1 Tues. for first time in 3 days. Filing at SEC said warrants were exercisable based on number of Sirius radio sets installed by Ford and were fully exercisable after 4 million Sirius-equipped Ford vehicles were manufactured. Agreement also calls for Sirius to share unspecified portion of revenue derived from Ford-initiated subscriptions and to reimburse automaker for certain undisclosed ad and hardware costs.