Bringing new meaning to the tired "can you hear me now?" tagline, XM Satellite Radio (NASDAQ:XMSR) will be printing up 5.5 million new shares to acquire WCS Wireless. No, WCS isn't peddling cellular phone handsets or rollover minutes. It offers XM something even more valuable: legroom.

WCS owns wireless-spectrum licenses that combine to reach 163 million consumers. This move will give XM the ability to expand its already substantial programming range, which currently spans around 150 different digital channels.

Your mind can start to wander down a path of promise and potential when XM indicates that these fresh frequencies will allow it the opportunity to expand its business with "innovative video and data offerings."

Sirius (NASDAQ:SIRI) is already in the process of gearing up to provide a few channels of video streams. In January, Sirius announced that it was hooking up with Microsoft (NASDAQ:MSFT) to provide video feeds to its subscribers by the end of next year.

It's not just video feeds, though. Automobile location mapping and Internet access are just two other areas where satellite radio companies may be able to expand offerings and grow revenue streams. That doesn't mean that XM and Sirius will evolve to be like DirecTV (NYSE:DTV), which averages $800 a year from a typical subscriber. However, it should be apparent by now that $12.95 a month is the floor and not the ceiling of what these companies are capable of charging.

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Longtime Fool contributor Rick Munarriz thinks it's cool that Sirius broadcasts The Motley Fool Radio Show four times over the weekend. He does not own shares in any of the companies mentioned in this story, though he is a satellite radio subscriber.He is also part of theRule Breakersnewsletter research team, seeking out tomorrow's ultimate growth stocks a day early. The Fool has a disclosure policy.