NEW YORK – Sirius Satellite Radio said this week is has signed a deal with Space Systems/Loral to design and build a new satellite.
Construction is expected to be completed in the fourth quarter of 2008 and will be launched into a geostationary orbit to complement SIRIUS’ existing three satellites, which were also manufactured by Space Systems/Loral and operate in a highly elliptical geosynchronous orbit. This unique hybrid constellation will provide unparalleled redundancy, enhanced coverage and exceptional performance, says the company.
"Not only will this satellite support our other three satellites currently in orbit, but it will also improve reception for all Sirius subscribers whether they are in their car, office, home or jogging in the park," said Mel Karmazin, CEO.
The aggregate cost of designing, building, launching and insuring the launch of the satellite will be approximately US$260 million. As part of its commitment to SIRIUS, Loral has agreed to provide a $100 million vendor financing facility.
