Shaw Communications to take controlling stake in Canwest Global
Posted February 12, 2010 10:53 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – Shaw Communications has decided to make a big investment in conventional television. It will become the biggest holder of voting shares in a restructured Canwest Global Communications.
Canwest announced this morning that it and Shaw have entered into a Subscription Agreement, where Shaw will acquire a minimum 20 percent equity interest and an 80 per cent voting interest in Restructured Canwest upon its emergence from creditor protection. It can increase its equity stake down the road.
Shaw is prepared to fund cash payments to the affected creditors of the Company, and to also fund cash payments to Canwest’s existing shareholders in exchange for additional equity securities of Restructured Canwest. The plan is to make CanWest a private company.
