CBC/Radio-Canada announced today that it intends to vote its shares in favour of the plan of arrangement announced today by Sirius XM Canada Holdings Inc. (“SiriusXM Canada”).
CBC/Radio-Canada currently owns a 10.2% economic and 9.6% voting interest in SiriusXM Canada and intends to vote its shares in favour of the privatization and recapitalization transaction being undertaken by plan of arrangement.
“We see this transaction as a good opportunity to monetize our non-core investment in SiriusXM Canada and we intend to vote our shares in favour of the privatization,” said Hubert T. Lacroix, President and CEO of CBC/Radio-Canada.
CBC/Radio-Canada was one of the founding partners of Sirius Canada in 2005 and obtained equity in SiriusXM Canada when Sirius Canada and XM Canada merged in 2011. The creation of this new Canadian satellite radio platform extended CBC/Radio-Canada programming and provided Canadian artists with broad exposure across North America.
CBC/Radio-Canada's longstanding commercial agreement to provide SiriusXM Canada with Canadian content will continue in accordance with its terms until 2022.
CIBC World Markets Inc. acted as financial advisor and McCarthy Tétrault LLP acted as legal counsel to CBC/Radio-Canada in connection with the Privatization.
CBC/Radio-Canada is Canada’s national public broadcaster and one of its largest cultural institutions. We are Canada’s trusted source of news, information and Canadian entertainment. Deeply rooted in communities all across the country, CBC/Radio-Canada offers diverse content in English, French and eight aboriginal languages. We also provide international news and information from a uniquely Canadian perspective.