Canadian Satellite Radio Holdings Inc., the parent company of XM Canada, and Sirius Canada Inc., announced this week that the organizations have completed the merger announced in November 2010. Operating as SiriusXM Canada, the newly merged entity will have more than 1.8 million subscribers and form one of the country’s leading media companies, according to a news release.
“Today’s news brings us to an exciting conclusion of a process we started late last year,” commented Mark Redmond, President and CEO of SiriusXM Canada. “With this combination we have created a powerful Canadian media company with more than 1.8 million subscribers that is among the largest subscription entertainment companies in Canada. Today, SiriusXM Canada is stronger financially and well positioned to succeed in the highly competitive audio entertainment industry. Our increased size will bring a renewed focus to our strategy to lead the in-car entertainment experience as well as mobile and online listening.”
“While both companies have enjoyed much success since the launch of the category in 2005, the growth opportunities for SiriusXM Canada are tremendous,” noted John Bitove, Chairman of SiriusXM Canada. “Our partnerships with all of the major automotive manufacturers will be a key catalyst to our growth.”
The merged company will continue to have a strong presence at more than 3,000 retail locations, an expanding online/mobile offering, and its radios will be factory installed in more than 800,000 vehicles sold in Canada this year.
The company says consumers will benefit from additional channels and more options on which channels to subscribe to. But they say the merger won’t have any immediate impact on the current service coverage or existing radios.”We will work quickly to integrate the two companies, creating a best-in-class management team and employee base,” said Redmond. “The opportunity in front of us is huge; for our shareholders, our employees, our partners, and most of all, our customers.”
