SiriusXM to Take Canadian Home of Howard Stern Private
The $367 million deal around SiriusXM Canada follows the U.S. satellite radio giant and its shock jock star re-upping their deal through 2020.
U.S. satellite radio giant SiriusXM on Friday unveiled an agreement to take the Canadian home of Howard Stern private.
The CAN$4.50 (US$3.50) per-share offer values SiriusXM Canada at around CAN$472 million (US$367 million). The deal will also see SiriusXM, controlled by John Malone's Liberty Media, raise its stake in SiriusXM Canada from 37 percent to 70 percent, or 33 percent of the voting shares.
Stern joined then Sirius Satellite Radio in Canada, a pay radio service, in 2006 after being dropped by FM radio stations in Montreal and Toronto in 1998 and 2001, respectively, after a flood of listener complaints to Canadian broadcast censors.
The local licensees of Sirius Satellite Radio Inc. and XM Satellite Radio merged to create SiriusXM Canada in 2011.