Canadian Sirius, XM Merger Expected by May
2017-05-15
Canadian Satellite Radio Holdings (CSR) shareholders have approved the merger of XM Canada with Sirius Canada, which would combine the country's two satellite subscriber radio services, XM Canada announced Feb. 18.
The merger, expected to close by the end of May pending CRTC approval, follows Sirius and XM Radio's United States merger in 2008 to form Sirius XM and will see Sirius Canada become a 58 percent owner of CSR. Sirius Canada is a private company that is 40 percent owned by CBC Radio, 40 percent by Slaight Communications and 20 percent by Sirius XM.
XM Canada has about 600,000 paid subscribers, with Sirius Canada maintaining about 1.2 million monthly subscriptions. X is stronger in the Canadian automotive market, which accounts for 60 percent of its subscriber base, while Sirius gets 73 percent of income from after-market retail.
The merger, expected to close by the end of May pending CRTC approval, follows Sirius and XM Radio's United States merger in 2008 to form Sirius XM and will see Sirius Canada become a 58 percent owner of CSR. Sirius Canada is a private company that is 40 percent owned by CBC Radio, 40 percent by Slaight Communications and 20 percent by Sirius XM.
XM Canada has about 600,000 paid subscribers, with Sirius Canada maintaining about 1.2 million monthly subscriptions. X is stronger in the Canadian automotive market, which accounts for 60 percent of its subscriber base, while Sirius gets 73 percent of income from after-market retail.
