NEW YORK -
Sirius Satellite Radio
completed an offering of 11.5 million shares of common stock, raising $230 million. Lehman Bros. served as underwriter.
Sirius said it would use the proceeds to finance operating expenses and for general corporate purposes.
Sirius intends to broadcast 100 channels of digital radio to motorists throughout the continental U.S. for $9.95 per month, including 50 channels of music and 50 channels of news, sports, talk, comedy and children's programming. The company already has deals to carry programming from cable networks Discovery Communications Inc. and The Weather Channel.