XM Canada, Sirius Canada get CRTC approval to merge
Satellite radio companies Canadian Satellite Radio Holdings, parent company of XM Canada, and Sirius Canada have received CRTC approval to merge. The deal should close by June, creating a new company called Sirius XM Canada, which will have approximately 1.8 million subscribers. CSRI will hold a 30% voting interest in the new entity, while CBC will hold 20%, Slaight Communications will hold 20% and Sirius XM Radio will hold 25%. "This decision will lead to the creation of a stronger combined organization, better equipped to innovate and compete in the broader audio entertainment marketplace," said Mark Redmond, president and CEO of Sirius Canada and the merged entity. "We are pleased that the CRTC recognized the clear benefits derived from this merger."