Latest News
[Satellite TODAY 04-09-12] The Canadian Broadcasting Corp. (CBC) invested $12 million in a project with Canada’s Sirius Satellite Radio (Sirius Canada) with questionable results, according to documents and annual reports obtained and published April 6 by QMI Agency.
According to the financial report, the accumulated deficit of Sirius Canada, in which CBC owned a 25.5 percent stake in until its fusion with XM Satellite Radio in May 2011, sat at $100.7 million at the time of the merger. The loss incurred for investors was $71.3 million, including $36 million that was invested into the company in 2005 by its three founding partners.
The QMI Agency report showed that CBC’s financial state reflected those investment losses until the merger. At the time of the merger, Sirius Canada had accumulated a million subscribers.
Get the latest Via Satellite news!
Subscribe Now