The corporate logo of Sirius XM Radio Inc. is shown. THE CANADIAN PRESS/HO
January 15, 2013 - 5:12 AM
TORONTO - Canada's only satellite-radio company is getting a new name — Sirius XM Canada Holdings Inc.
The company has been Canadian Satellite Radio Holdings Inc. (TSX:XSR) since it was launched, originally as the Canadian partner of the XM service alone.
The U.S. parents of the XM and Sirius subscription radio services later merged and their independent Canadian counterparts eventually followed a similar path.
The name change was announced a day after Canadian Satellite Radio reported a $3.3 million profit and $68.9 million of revenue for the first quarter of 2013.
The profit contrasted with CSR's previous losses, including $3.4-million in the first quarter of 2012 with $63.1 million of revenue.
The Toronto-based company attributed nine per cent higher revenue to growth in its subscriber base, which was 2.2 million subscribers at the end of November.
"This name change is another sign of the success we have had in merging Sirius Canada and XM Canada," said Mark Redmond, CEO SiriusXM Canada.
"Now, the publicly traded holding company's name aligns with the unified SiriusXM brand that Canadians know and love."
News from © The Canadian Press, 2013