TORONTO, April 13 /CNW/ - Canadian Satellite Radio Holdings Inc., parent
company of XM Canada ("CSR" or the "Company") (TSX: XSR) today responded to
the April 8, 2009 decision by the Copyright Board of Canada (the Board)
regarding royalties for Satellite Radio Services.
The Board announced that royalties would be approximately 6.2 per cent
starting in 2010 (with discount rates for prior years) and based on a formula
that includes payments for the communication of musical works, the
communication of sound recordings and rates for the reproduction of musical
works. The reproduction rate varies depending upon the type of receiver used
by the subscriber. The complete decision by the Board can be found at:
"This has been a long process and we are pleased to have a decision which
will lead to greater certainty for all parties involved," said Michael
Moskowitz, President and Chief Executive Officer of XM Canada. "We believe
there needs to be an appropriate balance established between being able to
provide our subscribers with the very best in programming at an affordable
price while fairly compensating artists for their creative work. And, as the
Board recognized, this is a young industry that has made significant upfront
investments and is not yet profitable."
"Over and above the royalty payments we make, XM Canada has been a
passionate supporter of homegrown Canadian talent since our inception. XM
Canada has invested more than $3.5 million in Canadian artists through the
Canadian Talent Development program. In addition to direct financial
contributions XM Canada reaches out across the country to sponsor and support
Canadian musicians, performers, songwriters and comedians through festivals,
live performances, industry recognition, awards shows, awareness and exposure.
That support will continue."
About Canadian Satellite Radio Holdings Inc.
Canadian Satellite Radio Holdings Inc. (TSX: XSR) operates as XM Canada
and is Canada's premium digital audio entertainment and information company
with the best signal coverage across the country. With 130 digital channels of
choice, XM Canada offers Canadian listeners the most unique and original
Canadian and international programming, including commercial-free music
channels, exclusive live concerts and sports coverage, and the best in talk,
comedy, children's and entertainment programming. A free seven-day trial of XM
Radio Online is available at http://www.xmradio.ca/freetrial/. Visit
www.xmradio.ca for programming and subscription information.
XM Canada is the satellite entertainment leader in the Canadian
automotive market with long-term factory installation agreements with
manufacturers that own close to 60 per cent share of the domestic vehicle
market. XM's industry-leading products are available at shop.xmradio.ca, and
at retailers nationwide.
XM programming is available by subscribing directly through XM Canada and
is also available as streams of commercial-free XM music channels on TELUS
Mobile Radio and Rogers Wireless Radio on Demand. XM Canada is the exclusive
music channel provider on Air Canada's flights and is available in select Avis
Budget Group rental vehicles.
To find out more about Canadian Satellite Radio Holdings Inc. (TSX: XSR),
visit our website at www.xmradio.ca/about/.
Certain statements included above may be forward-looking in nature. Such
statements can be identified by the use of forward-looking terminology such as
"expects," "may," "will," "should," "intend," "plan," or "anticipates" or the
negative thereof or comparable terminology, or by discussions of strategy.
Forward-looking statements include estimates, plans, expectations, opinions,
forecasts, projections, targets, guidance or other statements that are not
statements of fact. Although CSR believes that the expectations reflected in
such forward-looking statements are reasonable, it can give no assurance that
such expectations will prove to have been correct. CSR's forward-looking
statements are expressly qualified in their entirety by this cautionary
statement. CSR makes no commitment to revise or update any forward-looking
statements in order to reflect events or circumstances after the date any such
statement is made, except as required by applicable law. Additional
information identifying risks and uncertainties is contained in CSR's filings
with the Canadian securities regulators, available at www.sedar.com.
For further information:
For further information: Investors: Morlan Reddock, (416) 408-6899,
email@example.com; Media: Lorena Cordoba, (416) 924-5700 Ext.