Motient Buys Rare Medium

Motient Corp., a wireless communications provider, has opted to buy Rare Medium, a New York-based i-shop, in order to “help address our funding needs” as well as to add new services. Under the deal, which is subject to shareholder approval, each Rare Medium common share will be exchanged for one-tenth of a share of a new class of Motient preferred stock.

Each whole share of the new preferred stock will have a liquidation preference of $20 and be convertible into 6.4