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Pay-radio operator SiriusXM Canada has confirmed that it has been approached in a potential take-over and that it is in early stage talks. A prime contender for a buy-out is Liberty Media which owns a 61 per cent controlling stake in the US operation.
Last week saw local reports in Canada that SiriusXM’s major shareholders were considering taking the company private, and with a potential valuation of some $750 million.
US-based SiriusXM is the Canadian offshoot’s largest shareholder with a 32 per cent stake. Canadian (public) shareholders own more than 30 per cent.
The Canadian operation has some $192 million in outstanding debt.
SiriusXM Canada has about 2.7 million subscribers in Canada and has enjoyed steady growth. In the pre-Christmas quarter-year it added a net 14,000 new subscribers.