Exhibit 99.3

Bass Group Invests $100 Million in CD Radio

New York, N.Y. - October 13, 1998 - CD Radio Inc. (Nasdaq: CDRD) today announced
that Prime 66 Partners, L.P. will acquire a $100 million interest in the
Company. Upon completion of the transaction, Prime 66 Partners, L.P., a Texas
limited partnership formed in 1997 and composed of persons and entities
associated with Mr. Sid R. Bass of Fort Worth, Texas, will own 5 million shares,
or approximately 20%, of CD Radio's common stock. The transaction is subject to
antitrust approval and is expected to close in early November.

CD Radio is building a digital satellite radio system for the broadcast of 100
channels of music and other programming to motorists throughout the United
States. Scheduled for launch in early 2000, CD Radio will broadcast 50 channels
of commercial-free music and 50 channels of news, sports and entertainment
programming for a total monthly subscription fee of $9.95.

CD Radio's programming will originate at its national broadcast studio in New
York City and be uplinked to the Company's three satellites. These satellites
are currently under construction at Space Systems/Loral and are scheduled for
launch beginning in late 1999. Initially, consumers will receive CD Radio's
broadcasts through a two- inch satellite dish affixed to their car's rear
windshield. This signal will be relayed wirelessly to a plug-and-play adapter
that will fit into a vehicle's existing cassette or CD slot. New CD Radio-ready
aftermarket radios are also expected to be available.

The majority of CD Radio's planned programming formats are generally unavailable
on radio stations in any single market. Furthermore, unlike conventional
stations, which have an average range of approximately 30 miles before reception
fades, CD Radio's signal is designed to cover the continental United States
coast to coast. More information on CD Radio is available at www.cdradio.com.

Any statements that express, or involve discussions as to, expectations,
beliefs, plans, objectives, assumptions or future events or performance are not
historical facts and may be forward-looking and, accordingly, such statements
involve estimates, assumptions and uncertainties which could cause actual
results to differ materially from those expressed in the forward-looking
statements. Among the key factors that have a direct bearing on CD Radio's
results of operations are the potential risk of delay in implementing CD Radio's
business plan; increased costs of construction and launch of necessary
satellites; dependence on satellite construction and launch contractors; risk of
launch failure; unproven market and unproven applications of existing
technology; and CD Radio's need for substantial additional financing.
Accordingly, any such statements are qualified in their entirety by reference
to, and are accompanied by, the factors discussed in CD Radio's Annual Report on
Form 10- K for the year ended December 31, 1997.

For Further Information:
Madeline Couton, CD Radio, 212-899-5000