XM to Amend Its 1.75% Convertible Senior Notes Due 2009; Interest Rate Increase Conditioned on Closing of Merger with Sirius and CTC Media Schedules Second Quarter 2008 Earnings Release and Conference Call

City of Industry, CA --(www.USEquityNews.com)-- 07/11/2008 - Broadcasting industry alert provided by U.S. Equity News. . XM Satellite Radio Holdings Inc. (NASDAQ: XMSR) recently announced that it has amended its previously announced agreement with holders of its $400 million aggregate principal amount of 1.75% Convertible Senior Notes due 2009. Pursuant to the amendment, XM will cause the trustee to amend the indenture governing the convertible notes to increase the interest rate to 10% per annum, with such increased interest rate to be given effect, subject to completion of the proposed merger of XM with a subsidiary of Sirius Satellite Radio Inc., as of July 2, 2008. The noteholders that are party to the amended agreement have agreed not to assert any claim that the merger constitutes a "Fundamental Change" under the existing indenture, which, if any, would require an offer be made by XM to repurchase the existing notes at par within a specified period following the merger. The indenture amendment will clarify that the merger does not constitute a Fundamental Change with respect to the notes held by the noteholders that are party to such agreement. In light of the amendment, XM no longer intends to commence the previously announced exchange offer to exchange new convertible senior notes for the existing convertible notes.


Emmis Interactive (NASDAQ: EMMS), the U.S. radio industry's leader in generating interactive revenues, recently announced a partnership with top Canadian broadcaster Corus Entertainment. Emmis Interactive, Inc. serves 20 radio stations in six markets owned by Corus Entertainment. "Over the past year we have been working with Emmis Interactive to develop deeper and richer revenue streams at the local level," said David Huszar, General Manager of Splice Interactive Media, provider of interactive services to Corus radio properties. "Revenues in the markets served by Emmis Interactive have collectively increased 40 percent versus the prior year giving us tremendous momentum as we crossover to a new fiscal year on September 1st. We've enjoyed working collaboratively with a company that shares our approach to strategic selling and look forward to expanding on this partnership."

CTC Media, Inc. (NASDAQ: CTCM) will announce its financial results for the second quarter ended June 30, 2008 on Tuesday, July 29, 2008 before U.S. market hours. Senior management will host a conference call to discuss second quarter 2008 financial results on July 29, 2008 at 9:00 a.m. ET (5:00 p.m. Moscow time, 2:00 p.m. London Time). A replay of the conference call will be available through Tuesday, August 5, 2008 at midnight ET. The replay can be accessed by dialing +1 706 645 9291 or +1 800 642 1687.

247MGI, Inc. (OTC: TOFS) is pleased to announce it has been working to help resolve pending and past legal actions against the company. The Company is pleased to announce the pending issue with Dr. Martin Peskin has been resolved and a settlement agreement has been entered into and filed with the courts. The Company currently does not have any pending legal actions at this time and is working to resolve matters resulting from a prior Stock Purchase Agreement the Company entered into in 2003 to avoid any further legal action. With no pending legal actions 247MGI has been in talks with several candidates to join the Company as Officers and Directors.

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