Satellite radio company Sirius has stepped up today as the new presenting sponsor for the Polaris Music Prize, an award recognizing the best Canadian album.

Rogers Communications had been the previous presenting sponsor from the award's inception in 2006, but stepped aside earlier this year, the award's organizers said. Three awards of $20,000 have been presented, with the prize going to Final Fantasy (2006), Patrick Watson (2007) and Caribou (2008). Sirius has been a corporate supporter of the prize, broadcasting past galas that included performances by the nominees.

"The Polaris Prize is truly one of the most respected honors for artists in Canada," said Andreanne Sasseville, director of Canadian content development at Sirius. "Sirius is thrilled to continue its support for Polaris and to once again broadcast the event live to Sirius listeners throughout Canada and the U.S."

Sirius will cover the cost of the main prize, Polaris executive director Steve Jordan confirmed. New secondary sponsors are also expected to be put in place in coming weeks, he added.

Approximately 190 Canadian music journalists and broadcasters participate in selecting the recipient for the prize. A short list of 10 nominees will be revealed on July 7, while the prize will be awarded at a gala on Sept. 21 in Toronto.