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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: http://www.cb-cda.gc.ca/decisions/m20090408-b.pdf
"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 | Quote | Chart | News | PowerRating) 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/.
Forward-Looking Statements
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.
SOURCE: XM Canada
SOURCE: Canadian Satellite Radio Holdings Inc.
Investors: Morlan Reddock, (416) 408-6899, investor.relations@xmradio.ca; Media: Lorena Cordoba, (416) 924-5700 Ext. 4089, lorena.cordoba@cohnwolfe.ca
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