Shaw Communications announced today that it has entered into agreements to acquire for approximately $2 billion, 100 percent of the over-the-air and specialty television businesses of Canwest Global Communications, including all of the equity interests in CW Investments, the Canwest subsidiary that owns the specialty television channels acquired from Alliance Atlantis Communications in 2007.
Previously, Shaw had announced an agreement with Canwest regarding a minimum 20 percent equity investment in a restructured Canwest. (For more, click here).
“We are pleased to announce that we have come to an agreement with all constituent parties involved in a restructured Canwest, including Goldman Sachs, and are excited about the opportunity to acquire the entire company now,” said Jim Shaw, CEO and vice chair, Shaw Communications.
The purchase remains subject to certain conditions, including Canwest creditor and court approvals and is also subject to regulatory approvals from the Canadian Radio-television and Telecommunications Commission and the Competition Bureau.
Shaw also announced the hiring of Paul Robertson who will have overall responsibility for Canwest and will report to Brad Shaw, EVP.
Robertson’s experience includes President of Corus Television, Senior Vice President of Programming and Marketing at CTV, President of Baton Broadcast Sales, President of Nelvana as well as holding senior marketing positions at Campbell Soup and General Foods.