12/23/2002
Author: Austin Business Journal
Austin broadcasting industry veteran Steve Hicks is joining the board of directors at Washington, D.C.-based XM Satellite Radio Holdings Inc. [Nasdaq: XMSR].

Hicks is being appointed to the board as part of a $450 million financing agreement, consisting of $200 million in new investments and $250 million in payment deferrals and lines of credit from Detroit-based General Motors Corp. [NYSE: GM]

XM expects the financing package to be wrapped up in February. Once the deal is done, XM will add Hicks as well as Thomas Elliott, executive vice president of automobile operations at American Honda Motor Co. Inc., to its board, XM announced Monday. XM offers digital-quality programming carried by satellite channels to home and car stereos.

Hicks is a non-managing member of LarkSpur, Calif.-based BayStar Capital II LP, one of XM's investors. Other investors include American Honda Motor, Hughes Electronics Corp., The Hearst Corp., Columbia Capital LLC, AEA Investors Inc. and Eastbourne Capital Management LLC.

Hicks is chairman of Austin private investment firm Capstar Partners LLC and executive chairman of Austin startup Click Radio, a subscription music service. Previously, Hicks was vice chairman of Dallas-based AMFM Inc., the country's largest owner and operator of radio stations. Hicks also was president of AMFM's new media division, which developed Internet products and technologies for the radio industry. In August 2000, AMFM merged with San Antonio-based Clear Channel Communications Inc. [NYSE: CCU].