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CRTC approves Shaw Media acquisition
The Canadian Radio-television and Telecommunications Commission has approved the acquisition of Shaw Media by Corus Entertainment. Corus plans to close the transaction on April 1. Corus entered into an agreement to acquire Shaw Media from Shaw Communications in January. The deal, worth $2.65 billion in cash and stock, will give Corus ownership of all of Shaw Media brands. These include Global Television, Food Network Canada, HGTV Canada, DIY Network Canada, Slice, Lifetime, History Canada, H2, Showcase, National Geographic Canada, Nat Geo Wild Canada, Action, MovieTime, IFC Canada, Global News: BC1, BBC Canada, DejaView, Crime & Investigation, Dtour and FYI.
The CRTC review of the proposed sale concluded that, from a regulatory standpoint, the transaction represents a corporate reorganization that will not involve a change in control of either entity. The CRTC found that both companies "have and will continue to be effectively controlled by the same person, Mr. JR Shaw."
"The CRTC conducted a full public process in reviewing this transaction consistent with its long standing policies," said Jean-Pierre Blais, chairman of the CRTC. "This decision will help position Corus Entertainment as a stronger player in the market and help elevate more Canadian-made programming to new heights both here in Canada and around the world. This helps support the entire audiovisual ecosystem in Canada. From a regulatory perspective, Corus and Shaw have always been considered as a single voice in the Canadian marketplace since the 1990s. This decision changes nothing in that respect."