Turn Sirius XM Radio Inc (NASDAQ:SIRI)’s Canadian car radio louder
Sirius XM Radio Inc (NASDAQ:SIRI) owns approximately 38% of CSR. The company operates under the Sirius XM Canada name and is the leading entertainment company in the country. It announced that the Steele Auto Group based in Halifax has now joined the company’s pre-owned vehicle program. This program helps the participating dealerships market their pre-owned inventory. It facilitates this by offering a three-month complimentary SiriusXM subscription with purchases of any pre-owned vehicle that is equipped with satellite radio.
The program helps the pre-owned car dealerships add value to the vehicles they are selling and it also gives car owners the chance to experience SiriusXM’s content and programming. Both, XM Satellite Radio as well as Sirius Satellite Radio launched similar services simultaneously.
How was Sirius XM formed?
In 2007 February, Sirius Satellite Radio and XM Satellite Radio announced their merger. Both, Sirius and XM were in debt, and they believed that a merger would be the best way to resolve the issue. They believed that the merger would mean a larger number of programming choices and lower prices, for consumers. Skeptics, of course, thought otherwise. They feared that a monopoly would just lead to reduced competition, increased prices and will also affect consumers adversely. The U.S. Department of Justice gave both the concerned companies the nod. But it was only in 2008 that the merger was finally completed after the FFC grudgingly gave its approval. The company that emerged was called Sirius XM Radio.
Is satellite right?
Despite the fact that Sirius and XM were in financial doldrums, satellite radio still commands a strong fan-base. According to the company, XM Radio Inc (NASDAQ:SIRI) has over 18M subscribers. Numerous carmakers have been affixing satellite radio receivers in some of their car models for some time now. Various electronic companies also sell portable satellite radio receivers. Satellite radio offers a much clearer reception in comparison to traditional radio stations that are transmitted over normal AM OR FM frequencies and thus is the preferred choice of many people who like to move to the beat while they are behind their steering wheel.