Canadian partners study sat radio deal
EmptyTORONTO -- The Canadian licensees of U.S. satellite radio networks XM and Sirius on Monday said they were studying plans by their U.S. counterparts to merge into one as-yet-unnamed company by the end of 2007.
"As Sirius and XM seek U.S. government approval, we will diligently review the possible alternatives available to Canadian Satellite Radio to benefit our customers and shareholders." John I. Bitove, chairman of Canadian Satellite Radio Holdings Inc., the Canadian licensee for U.S.-based XM Satellite Radio Inc., said in a statement.
"SIRIUS Canada's board of directors and senior leadership team is working closely with Sirius Satellite Radio in the U.S., CBC and Standard Radio Inc. here in Canada to ensure the Canadian operation continues to deliver the best entertainment available." Mark Redmond, president and CEO of Sirius Canada Inc., added in his own statement.
Sirius Canada is a partnership of the U.S.-based Sirius Satellite Radio, the Canadian Broadcasting Corp. and radio broadcaster Standard Radio, and serves about 300,000 subscribers.