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Press release from CNW Group

XM Canada Receives Competition Bureau Ruling

Wednesday, February 23, 2011

XM Canada Receives Competition Bureau Ruling18:10 EST Wednesday, February 23, 2011Toronto Stock Exchange Symbol: XSRTORONTO, Feb. 23 /CNW/ - Canadian Satellite Radio Holdings Inc. (CSR), the parent company of XM Canada(TSX: XSR), is pleased by today's announcement from the Competition Bureau that it does not intend to make an application to the Competition Tribunal to challenge the proposed acquisition of Sirius Canada Inc. (Sirius Canada) by Canadian Satellite Radio Holdings Inc. (CSHRI) under the merger provisions of the Competition Act."Coming on the heels of last week's CSR shareholder approval, today's announcement is another exciting step forward in the process towards the proposed merger. We look forward to the next step at the March CRTC hearing," said John Bitove, Executive Chairman of CSR. "We are pleased that the competition bureau recognizes that the combined company will create a stronger Canadian media company that not only provides a platform for future innovation within the audio entertainment industry but will offer a better opportunity for artists to reach new audiences."The consummation of the merger remains subject to the satisfaction of, or compliance with, certain conditions, including receiving all necessary regulatory approvals (together with CRTC approval) and the successful refinancing of the Company's indebtedness. There can be no assurance that the Company or Sirius will be able to satisfy or comply with these or other customary closing conditions. Details of the Combination Transaction are contained in the Company's information circular (the "Circular") dated January 12, 2011, which is available on SEDAR at the CSR annual general meeting held in Toronto on February 17th, shareholders unanimously approved the merger of XM Canada and Sirius Canada recognizing that a merger of equals will enhance the long-term success of satellite radio in Canada.The transaction is currently expected to close during the third quarter of the Company's 2011 fiscal year.About Canadian Satellite Radio Holdings Inc.To find out more about Canadian Satellite Radio Holdings Inc. (TSX: XSR), visit SIRIUS Canada Inc.To find out more about SIRIUS visit www.sirius.caForward-Looking StatementsCertain statements included above may be forward-looking in nature. Such statements can be identified by the use of forward-looking terminology such as "expects," "may," "will," "should," "intend," "plan," or "anticipates" or the negative thereof or comparable terminology, or by discussions of strategy. Forward-looking statements include estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. Forward-looking information is provided as of the date of this news release only, it should not be relied upon as of any other date, and the Company assumes no obligation to update or revise this information to reflect new events or circumstances, except as expressly required by law. There can be no assurance that the securities purchase agreement will receive all necessary approvals or that the proposed transaction will be completed. Additional information, including a thorough discussion of the risk factors that can cause anticipated outcomes to differ from actual outcomes, will be contained in the Company's filings with the Canadian securities regulators, available at press release does not constitute an offer to purchase or sell any securities or a solicitation of consents. Any offer to purchase or sell securities or solicitation of consents will be made by means of an offer to purchase or sell and consent solicitation statement and related letter of transmittal. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, purchase or sale would be unlawful.For further information: INVESTOR RELATIONS CONTACT:Morlan Reddock416-408-6899 investor.relations@xmradio.caTrish Tervit416-969-2809