UMG and XM Satellite Radio Reach Agreement

Universal Music Group, the world's leading music company, and XM Satellite Radio, the nation's leading satellite radio company, have resolved the lawsuit brought by UMG against XM over its Pioneer Inno, a portable satellite receiver with advanced recording functionality. Although the companies did not disclose terms of the deal, they did say UMG would become the first music company to reach a multi-year deal covering all XM radios with advanced recording functionality, including both those currently available as well as future product releases. In addition, UMG will withdraw as a party to the complaint filed by the major record companies against XM in May, 2006.

"Our agreement is a win for everyone involved, especially for consumers. Today's announcement underscores the fact that XM competes in an audio entertainment market in which consumers have more options than ever. We commend UMG for being the first music company to take this step forward with us and look forward to continuing our discussions with our other partners in the music industry," said Nate Davis, President and CEO, XM Satellite Radio.

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