SIRIUS SATELLITE RADIO TO OFFER $250 MILLION OF SENIOR NOTES DUE 2015 SIRIUS to Access Favorable Debt Markets for Opportunistic Financing

Net Proceeds to be Used to Redeem Outstanding Higher Interest Rate Notes and for General Corporate Purposes
03-22-2005

NEW YORK – March 22, 2005 – SIRIUS Satellite Radio (NASDAQ:SIRI) today announced the offering of $250 million in aggregate principal amount of Senior Notes due 2015 to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended, and outside the United States in compliance with Regulation S under the Securities Act. The notes will be senior obligations of SIRIUS.

Based upon its current plans, before giving effect to the proceeds of the offering, SIRIUS has sufficient cash on hand to cover its estimated funding needs through cash flow breakeven, the point at which the company's revenues are sufficient to fund expected operating expenses, capital expenditures, working capital requirements, interest and principal payments, and taxes. SIRIUS expects cash flow breakeven to occur in 2007.

SIRIUS intends to use approximately $63.1 million of the net proceeds from the offering to redeem all of its outstanding 15% Senior Secured Discount Notes due 2007 and 14½% Senior Secured Notes due 2009. The balance of the net proceeds will be used to pay the expenses of the offering and for general corporate purposes.

The securities have not been registered under the Securities Act, or any state securities laws, and may not be offered or sold in the United States absent registration, except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws.

This announcement is neither an offer to sell nor a solicitation to buy any of these securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful.