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Satellite radio company SiriusXM Canada extends agreement with Honda

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TORONTO - SiriusXM Canada (TSX:XSR) and Honda Canada say they have extended an agreement that provides a free, three-month subscription to the satellite radio music service in new Honda vehicles.

Financial terms of the multi-year agreement weren't disclosed.

SiriusXM Canada has agreements with a number of major automobile manufacturers to provide its satellite radio service for a free period in hopes that new vehicle owners will sign up for the paid monthly service once the trial period expires.

Honda Canada has had an agreement with the satellite radio company since 2006 and says it has produced more than 340,000 vehicles with SiriusXM.

In April, SiriusXM Canada said the number of self-paying subscribers increased 7.8 per cent to 1.8 million from 1.6 million a year earlier, while total subscribership increased to about 2.4 million from 2.2 million.

Sirius XM Canada broadcasts more than 120 satellite radio channels, including sport channels dedicated to the Canadian Football League, National Football League, NASCAR and premium soccer and 69 commercial-free music channels. It also has news and comedy channels as well as a channel with shock jock Howard Stern and talk show diva Oprah on the Oprah radio channel.