Wednesday, October 11, 2006

Sirius Canada Applies for License Changes

October 11, 2006

Sirius Canada is doing very well. In fact, retai sales figures from NPD this year have Sirius selling over 70% year to date through August. While this is an impressive market share, the company is a startup, and thus is actually spending more than what is required by their license, and thus, Sirius Canada seeks credit for expenditures beyond required 5% this year.

Article Excerpt:

Sirius Canada asks CRTC for license changes

Tuesday, 10 October 2006

"Just over one year after the CRTC granted the company a broadcasting license for its satellite radio service, Sirius Canada has applied to the CRTC for changes to how the company funds Canadian talent development.The announcement was posted on the CRTC website today and the deadline for submission of interventions/comments is November 14th, 2006.

In a September 6th letter to the secretary general of the CRTC, Mark Redmond, the president of Sirius Canada, asks the government body to amend the funding formula for the development of Canadian talent.In the original broadcast decision, the CRTC mandated the following as a condition of the Sirius license.

"During each broadcast year, the licensee shall contribute a minimum of 5% of gross revenues from its satellite subscription radio undertaking to eligible third parties directly connected to the development of Canadian musical and other artistic talent or other initiatives approved by the Commission."

In simple terms Sirius would be required to invest 5% of annual revenues into Canadian talent development (CTD).In its letter to the CRTC, Sirius says the problem now facing Sirius is that it is in startup mode and its revenues are low. The company says it wants to spend more money in the beginning; however the company "has no ability to carry forward the resulting 'overage' into subsequent years....."

Interested SSG readers can catch the whole article HERE

10/11/2006 11:01:00 PM

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