After receiving final approval from the CRTC last Friday, Shaw Communications today completed the purchase of the bankrupt Canwest Global television properties.
Canwest entered creditor bankruptcy protection in late 2009, leading to the sale of the company's assets to Shaw in a deal announced this past May.
Under terms of the $2 billion deal, Shaw will be the sole owner of CanWest's broadcasting assets including the Global Television Network and eighteen specialty cable channels including, HGTV, Mystery TV, National Geographic Channel, Showcase, History and TVTropolis.
Once the deal closes, the company is expected to close Canwest's corporate headquarters in Winnipeg and change the name of the newly acquired company to Shaw Media.
The new broadcasting division of Shaw will also have a new management team headed by Paul Robertson who previously served as president of Shaw-controlled Corus Entertainment's TV division.
"Today marks the successful emergence of Canwest broadcasting assets from creditor protection and represents a major milestone in the evolution of broadcasting in Canada. We are excited about the possibilities that the marriage of distribution and content creates for all of our stakeholders and we are pleased to be in the position to officially welcome an additional 2,100 employees to the Shaw family", said Brad Shaw, Executive Vice President of Shaw.
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