Telecommunications Industry News
Canada’s Satellite Radio Operators, XM and Sirius, to Merge11:21 am on November 24, 2010 | Category: Business, Corporate
Satellite radio operators Sirius Canada and XM Canada, have reached a long-awaited merger deal, in a move that will ultimately make the full range of satellite radio content available to all Canadian subscribers.
Once the all-stock “merger of equals” is complete, the combined company will be worth some $520 million and have a total of over 1.7 million subscribers. The company expects to save around $20 million within 18 months as a result of the deal.
“The benefits of a merger are clear and together we’ll be better able to create more growth and opportunity for shareholders, accelerate technological innovation and ensure that satellite radio is able to compete in the rapidly evolving audio entertainment industry,” explained Sirius Canada president and CEO, Mark Redmond. “This combination is the next logical step in the evolution of satellite radio in Canada.”
Redmond will become CEO of the combined company, Canadian Satellite Radio Holdings, which will continue to offer a wide array of commercial free music, talk radio, news, and sports coverage.
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Published by TeleClick Enterprises
Edited by Jeremy Maddock