The Canadian Radio-television and Telecommunications Commission (CRTC) has approved the sale of Shaw Media to Corus Entertainment.
The $2.65-billion deal was first announced in January and will see Shaw Communications’ media division, Global News’ parent company Shaw Media, be acquired by Corus.
The approval by the CRTC Wednesday was the third and final step in the deal’s approval process.
The CRTC, in charge of regulating and supervising broadcasting and telecommunications in Canada, says it conducted a full public process in reviewing the transaction in line with standard policies.
“This decision will help position Corus Entertainment Inc. 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,” Jean-Pierre Blais, CRTC chairman and CEO said in a statement.
“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.”
The combined company will oversee 45 specialty television channels, including such brands as Food, History, Showcase, W Network and YTV, along with 15 local television stations, 39 radio stations and a host of digital properties including Globalnews.ca.
The transaction will officially close on April 1.
With a file from Global News
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