Two groups representing the country's music composers and publishers are taking Canadian Satellite Holdings Inc., the operator of XM Satellite Radio in Canada, to court for non-payment of royalties. "The creative people who write the music have not received the compensation owed to them," said C. Paul Spurgeon, general counsel for the Society of Composers, Authors, and Music Publishers of Canada, which brought the claim along with another copyright collective. The royalties, which are mandated by Canada's Copyright Board, cover the broadcast of Canadian-produced music going back to the launch of satellite radio in Canada in 2005. They had come due on July 31 of this year. XM has paid interest on the amount owing, Mr. Spurgeon said, but has offered to start paying the principal in September, 2010. In a statement, XM Radio said: "The company is committed to meeting its obligations but notes that its royalties include a significant retroactive tariff to 2005, coming due during a very challenging economic time." XSR (TSX) closed at $1.26, down 1 cent.
© The Globe and Mail
Only GlobeinvestorGOLD combines the strength of powerful investing tools with the insight of The Globe and Mail.
Discover a wealth of investment information and and exclusive features.
