Just got this email this morning:
BREAKING NEWS -- Shaw Buys Control of Canwest Global
Shaw Communicaitons Corp. has arranged to purchase control of the
restructuring of Canwest Global Commiinications newspaper and television
network.
Shaw Communications would own at least 20 per cent of Canwest's equity and
80 per cent of its voting stock after the deal.
Canwest currently owns the Global television network, one of Canada's
largest newspaper chains - including the National Post - and several
specialty cable channels. Canwest has been operating under court
supervision since last year.
Canwest says the proposed deal with Shaw has the support of key creditors.
Canwest's chairman Derek Burney, says Canwest is "very pleased" with the
firm commitment from Shaw and support from the group known as the ad hoc
committee of creditors.
The amount that Shaw would pay wasn't disclosed.
"While there is much work still to be done, Shaw's commitment represents an
important step towards a successful financial restructuring of Canwest and
is supported by the company and the members of the ad hoc committee," Burney
said in a statement.
The deal with Shaw, which is a publicly traded company controlled by the
founding Shaw family, would manage a restructured Canwest as a stand-alone
business with its own board of directors.
STAY WITH www.broadcastermagazine.com FOR THE LATEST ON THIS DEVELOPING
STORY....
BREAKING NEWS -- Shaw Buys Control of Canwest Global
Shaw Communicaitons Corp. has arranged to purchase control of the
restructuring of Canwest Global Commiinications newspaper and television
network.
Shaw Communications would own at least 20 per cent of Canwest's equity and
80 per cent of its voting stock after the deal.
Canwest currently owns the Global television network, one of Canada's
largest newspaper chains - including the National Post - and several
specialty cable channels. Canwest has been operating under court
supervision since last year.
Canwest says the proposed deal with Shaw has the support of key creditors.
Canwest's chairman Derek Burney, says Canwest is "very pleased" with the
firm commitment from Shaw and support from the group known as the ad hoc
committee of creditors.
The amount that Shaw would pay wasn't disclosed.
"While there is much work still to be done, Shaw's commitment represents an
important step towards a successful financial restructuring of Canwest and
is supported by the company and the members of the ad hoc committee," Burney
said in a statement.
The deal with Shaw, which is a publicly traded company controlled by the
founding Shaw family, would manage a restructured Canwest as a stand-alone
business with its own board of directors.
STAY WITH www.broadcastermagazine.com FOR THE LATEST ON THIS DEVELOPING
STORY....