TORONTO – Satellite radio companies XM Canada and Sirius Canada have officially completed their merger, the two former rivals announced Wednesday.
Operating as SiriusXM Canada, the newly merged entity will have more than 1.8 million Canadian subscribers and is predicting synergies of $20 million on revenues of more than $200 million. The combined company’s stock will continue to be traded on the Toronto Stock Exchange under the symbol "XSR".
"Today’s news brings us to an exciting conclusion of a process we started late last year," said Mark Redmond, president and CEO of SiriusXM Canada, in the announcement. “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."
The merged company will have a presence at more than 3,000 retail locations, an expanded online/mobile offering, and its radios will be factory installed in more than 800,000 vehicles sold in Canada this year. It also plans to introduce an interoperable receiver later this year, allowing customers to subscribe to either or both of the two services.
