WINNIPEG – The broadcasting assets of Canwest Global Communications are set to emerge from creditor protection as Shaw Media, a division of Shaw Communications.
The Calgary-based cable giant purchased Canwest’s conventional and specialty cable television operations for about $2-billion earlier this year and received final approval from the CRTC to complete the transaction last Friday.
Shaw is buying 11 local Global TV stations across Canada and a group of specialty channels, including Showcase, MovieTime and HGTV.
It will also get the broadcast rights to a variety of Canadian TV shows, as well as valuable agreements with U.S. networks.
As part of the transaction, Shaw says it will announce a new management team for the broadcasting division.
Weighed down by debt, Canwest filed for creditor protection last fall. It sold its newspaper assets in a separate transaction earlier this year.
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