Canwest Global's sale of its television operations, including its specialty channels, to Shaw Communications, received Superior Court approval today following Canwest reaching an agreement with dissenting shareholders.
The Asper family, four U.S. equity funds and two anonymous shareholders will get $11-million in exchange for their support of the sale. Ontario Superior Court Judge Sarah Pepall re-confirmed that Shaw Communications will pay $2 billion for the television assets.
The sale "will provide long-term stability" to Canwest's employees and customers, Pepall said at a hearing in Toronto today. "It's fair and reasonable."
The Transaction remains subject to regulatory approvals from the CRTC and the Competition Bureau.
Source: Broadcaster, 06/23/2010