Subscription satellite radio services provider XM Canada has announced that Canadian Satellite Radio (CSR) Holdings Inc. shareholders have approved the merger of XM Canada and Sirius Canada at CSR's annual and special meeting of shareholders held in Toronto earlier today.

Sirius and XM Canada, however, still need approval from the CRTC and the Competition Bureau before any merger can take place. Until regulatory approvals, the companies are expected to continue to operate independently.

Under the terms of last Novembers proposed merger agreement Sirius Canada shareholders will have a 58 per cent equity interest in Canadian Satellite Radio.

The approximate ownership interest in CSR following closing of the combination transaction will be as follows: CSRI Inc., an entity controlled by John Bitove, the chairman of CSR, 30.0 per cent voting interest (22.7 per cent equity interest); CBC/Radio-Canada 20.2 per cent voting interest (15.0 per cent equity interest); Slaight Communications 20.2 per cent voting interest (15.0 per cent equity interest); Sirius XM Radio Inc. 25.0 per cent voting interest (37.1 per cent equity interest); with the remainder being widely held.

After the merger, the combined company is expected to have a total subscriber base of more than 1.8 million.

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