CRTC Approves Shaw / Corus deal

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CRTC Approves Shaw / Corus deal

Postby radiofan » Wed Mar 23, 2016 12:35 pm

Various television services and stations - Corporate reorganization (transfer of shares)

The Commission approves an application by Shaw Communications Inc. (Shaw Communications), on behalf of Shaw Media Inc. and its licensed subsidiaries (Shaw Media), for authority to effect a multi-step corporate reorganization by transferring all of Shaw Communications’ shares in Shaw Media to Corus Entertainment Inc. or one of its subsidiaries (Corus).

Consistent with the Commission’s long-standing policy on tangible benefits and given that there is no change to the effective control of the licensees or the undertakings, this transaction does not require the payment of tangible benefits. Since the creation of Corus in 1999, the Commission has considered Shaw Communications and Corus to be effectively controlled by the same person, namely Mr. JR Shaw. The proposed reorganization does not change who will effectively control these companies and their services. From a regulatory perspective, the Commission has consistently considered Shaw Communications and Corus to be a single voice under the Commission’s Diversity of Voices Policy and nothing changes in this regard under the proposed reorganization.

This corporate reorganization will contribute to a sustainable, healthy and competitive Canadian broadcasting system, consistent with the public interest and the objectives of the Broadcasting Act. In particular, approval of the application will contribute to the creation of a strong, well-financed and content-focused company equipped with increased scale and a strong mix of complementary media properties and brands that are well positioned to succeed in the highly competitive domestic and international broadcasting environments. Given that this is a corporate reorganization, the transaction will be seamless for Canadian television viewers.

Read the full decision here: http://www.crtc.gc.ca/eng/archive/2016/2016-110.htm
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