XM Satellite Radio said it agreed to pay about $196 million in stock for WCS Wireless, a privately held company whose principal assets are spectrum licenses covering 15 of the top 20 metropolitan markets, an area covering 163 million Americans. XM was vague Wednesday about what its plans for WCS Wireless are, except that it will give the company "an exceptional opportunity to expand its existing business with a variety of multimedia subscription services, including innovative video and data offerings."

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