Shaw Communications buys television division of CanWest
Shaw Communications has assumed control of the television division of CanWest Global Communications. Shaw has spent $700 million to buy the 65% stake in the company's specialty-channel division owned by Goldman Sachs of New York. Shaw will also assume $815 million in debt and pay-out $478 million to CanWest's creditors. According to media reports, Shaw has hired Paul Robertson, former president of Corus Television, to oversee the CanWest division. The acquisition remains subject to court approval and regulatory approvals from the CRTC and the Competition Bureau. In related news, Torstar has confirmed that is has submitted an offer for the newspaper and digital divisions of CanWest. Financial investment firm Fairfax Financial Holdings is involved in the bid, but no other details are currently available.