The Canadian Radio-television and Telecommunications Commission (CRTC) has approved the sale of Shaw Media to Corus Entertainment.
The deal, worth $2.65 billion will see Corus, which is Talk Radio AM640’s parent company, acquire the Global Television network and 19 specialty channels, including HGTV Canada, Food Network Canada and Showcase from Shaw Communications Ltd.
Corus Entertainment now says that now the third and final step in the deals approval process is complete, it plans to finalize the acquisition by April 1st.
The deal was first announced in January of this year.
“This is a transformational acquisition that redefines Corus and Canada’s media landscape,” said Doug Murphy, President and Chief Executive Officer of Corus Entertainment. “This game-changing transaction brings together a powerful portfolio of synergistic media assets that will solidify Corus’ position as the market leader in the highly valued Women, Kids and Family segments. It will also advance our strategic priorities through investment in content creation for our own platforms, and for global markets.”
In its decision, the CRTC noted that Shaw Corus have been each controlled by the same person, J.R. Shaw, but controlled by separate management teams and boards of directors. But because of Mr. Shaw’s involvement in the companies, the regulator ruled that “this change in ownership does not result in a change in effective control of either entity.”
“The CRTC conducted a full public process in reviewing this transaction consistent with its long standing policies,” said CRTC chairman and CEO Jean-Pierre Blais. “This decision will help position Corus Entertainment Inc. as a stronger player in the market and help elevate more Canadian-made programming to new heights both here in Canada and around the world. This helps support the entire audiovisual ecosystem in Canada. From a regulatory perspective, Corus and Shaw have always been considered as a single voice in the Canadian marketplace since the 1990’s. This decision changes nothing in that respect.”