Shaw To Purchase A Stake In Canwest Global

Shaw to purchase a stake in Canwest Global

Shaw Communications and CanWest Global Communications Corp. has come to an agreement for Shaw Communication to acquire about 20% of it’s equity interest and 80% voting shares after the company’s restructuring.

Canwest Global Communications’ division that controls media television, CanWest Media Inc, filed for protective bankruptcy on Oct 6, while CanWest Ltd., Partnership, the division that controls newspaper chains, filed for protective bankruptcy on Jan 8.

CanWest revealed that the agreement between them and Shaw has the support of some key creditors.

Furthermore, Derek Burney, the chairman of CanWest’s board of directors also revealed that they are pleased by Shaw’s commitment to their company and believes that “Shaw’s commitment represents an important step toward a successful financial restructuring of Canwest and is supported by the company and the members of the Ad Hoc Committee.” Burney also believes that Shaw’s investment in CanWest Global will strengthen CanWest.

VIA shawtobuysharesincanwest