SiriusXM Canada to go private?
The Globe and Mail is reporting that company shareholders have approved a plan to take satellite radio service SiriusXM Canada Holdings Inc. private. An estimated 66% of the minority shareholders gave the thumbs up at a 14-minute meeting at the TMX Broadcast Centre in Toronto on Tuesday. If the deal happens, U.S. parent company Sirius XM would wind up owning the majority of the Canadian company's shares.
Slaight Communications Inc. and Obelysk Media Inc. would each own 33.5% of the voting shares of Sirius XM Canada to fulfill foreign ownership restrictions, while 12.5% shareholder the Canadian Broadcasting Corp., intends on liquidating its stake should the deal go through.
The deal faced resistance from minority shareholders that holds 8.4 million shares of the company, arguing that the offer of $4.50 per share widely undervalues the company. The minority shareholders also complained to securities regulators that they were subjected to "coercive" tactics aimed to force them to settle for a lower offer. Sirius XM Canada's board of directors recommended the deal, and management has claimed that the offer is fair.
"There's some that may not fully realize the value that this transaction holds," Sirius XM Canada CEO and president Mark Redmond told the Globe, "But we're really pleased with the (66%) vote in favour."
The transaction needs approval from the courts and the CRTC before it becomes reality.
- FYIMusicNews told you yesterday that Apple faces having to pay Ireland back taxes for tax favouritism shown to the computer company. Well, the European Commission has spoken and the amount assessed: a whopping $14.5 B Euros (US $16.16 B), or about 1.07 M Macbook Pros, if it were paid in laptop computers.
Needless to say, Apple CEO Tim Cook wasn't impressed. In an "open letter" to "the Apple community in Europe," he stated that not only does he oppose the move, but both Apple and Ireland will appeal the decision.
"The European Commission has launched an effort to rewrite Apple’s history in Europe, ignore Ireland’s tax laws and upend the international tax system in the process," wrote Cook. "The opinion issued on August 30th alleges that Ireland gave Apple a special deal on our taxes. This claim has no basis in fact or in law. We never asked for, nor did we receive, any special deals. We now find ourselves in the unusual position of being ordered to retroactively pay additional taxes to a government that says we don’t owe them any more than we’ve already paid.
"The Commission’s move is unprecedented and it has serious, wide-reaching implications. It is effectively proposing to replace Irish tax laws with a view of what the Commission thinks the law should have been. This would strike a devastating blow to the sovereignty of EU member states over their own tax matters, and to the principle of certainty of law in Europe. Ireland has said they plan to appeal the Commission’s ruling and Apple will do the same. We are confident that the Commission’s order will be reversed."
If the decision stands, the government of Ireland will collect Apple's outstanding balance.
-- Twitter has decided to offer potential digital influencer personalities a bigger piece of their ad revenue pie than competitors YouTube and Facebook.
Individual video creators who come on board with Twitter will receive 70% of the ad revenue on their site, substantially better than the 55/45% split favoured by YouTube and Facebook. The catch? Advertisers are pressuring Twitter to lower its video ad rates. But on the plus side: creators can take the same videos they're already posting on Twitter's two competitors and bring them over to Tweetyville, thus diversifying their revenue stream.
-- Yangaroo Music says they have expanded and upgraded their digital music delivery system to include 70 destinations looking for Contemporary Christian, Worship and gospel music for airplay consideration. Christian artists interested in submitting their music for consideration should contact Adam Hunt, VP Sales, Entertainment Division at 1-855-534-0607 or via e-mail at email@example.com for pricing details and special discount info.
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