Six months later, in November 1992, Rogers Wireless co-founder David Margolese, who had provided financial backing for the venture, acquired control of the company and succeeded Briskman. Margolese renamed the company CD Radio, and spent the next five years lobbying the FCC to allow satellite radio to be deployed, and the following five years raising $1.6 billion, which was used to build and launch three satellites into elliptical orbit from Kazakhstan in July 2000. The company successfully bid $83.3 million to purchase their satellite radio license. In 1997, after Margolese had obtained regulatory clearance and "effectively created the industry," the FCC also sold a license to XM Satellite Radio, which followed Sirius's example.