It’s business as usual at CHBC News after Friday’s announcement from the station’s parent company that it’s agreed to sell a controling stake of its operations to Shaw Communications Corp. Shaw will pick up a minimum 20% equity interest and 80% voting interest in Canwest’s restructured television business. Shaw is also prepared to make cash payments to Canwest creditors.
The deal must be approved by the courts and the Canadian Radio-television and Telecommunications Commission. John Douglas, senior vice-president of public affairs with Canwest Global, said when the company filed for creditor protection last October, the terms stipulated any deal needed “at least $65 million” in new Canadian equity. He added the 80% voting interest for Shaw is in place at least in part to meet Canadian regulatory requirements.
CHBC News General Manager Dennis Gabelhouse see’s SHAW’s investment in Canwest as a positive step for local stations and their local programming. "It’s good for CHBC employees, CHBC viewers, and CHBC clients. A vote of confidence in Canwest and Canadian conventional television."
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