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Shaw CEO silent on Rogers family feud, remains committed to merger

Click to play video: 'Tough business implications of Rogers family feud'
Tough business implications of Rogers family feud
As the family feud within Rogers continues, the business world is growing concerned. As Anne Gaviola explains, the telecom giant's corporate drama is spooking investors, depressing stocks, and potentially threatening a big business deal with Shaw – Oct 26, 2021

Shaw Communications Inc. says it remains committed to its deal to be bought by Rogers Communications Inc. as it reported its fourth-quarter profit rose more than 40 per cent compared with a year ago.

Shaw CEO Brad Shaw reiterated his commitment to work to close the transaction, adding that it was not appropriate to comment on a boardroom fight between members of the Rogers family over control of the company.

Read more: Shaw shareholders approve sale of company to Rogers Communications

Edward Rogers, the son of late Rogers founder Ted Rogers, is fighting with his sisters and mother for control of the board of directors at Rogers.

He has asked a B.C. court to declare legitimate the newly constituted board he formed after being ousted as board chair earlier this month after media reports made public a failed plan to replace CEO Joe Natale with the company’s chief financial officer.

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Meanwhile, Shaw reported a profit of $252 million or 50 cents per diluted share for the quarter ended Aug. 31, up from a profit of $175 million or 34 cents per diluted share in the same quarter last year.

Revenue totalled $1.38 billion, up from $1.35 billion.

Click to play video: 'Rogers $26B plans to buy Shaw under scrutiny'
Rogers $26B plans to buy Shaw under scrutiny

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