Friday, February 19, 2010

Shaw Moves On Canwest Global

An Ontario provincial court overseeing restructuring of Canwest Global has confirmed its approval of a takeover bid for the company by Shaw Communications. The investment still requires approval by several groups including Canwest creditors, the CRTC and US investment bank Goldman Sachs, a partner with Canwest on special channel assets.

Shaw plans to own 20 per cent of Canwest's equity and 80 per cent of its voting stock, with Canwest remaining a standalone company. Shaw would acquire 11 local TV stations across Canada, as well as ownership of specialty channels Showcase, MovieTime and HGTV.

Winnipeg-based Canwest owes billions of dollars to creditors, operating under court supervision since 2009...