Shaw Communications to buy control of Canwest

CTV reported today that Canwest Global Communications has struck a deal that will see Global TV and a handful of lucrative specialty channels move under the control of Western Canadian cable giant Shaw Communications.

Calgary-based Shaw, owner of Shaw Cable and the Shaw Direct satellite TV service, said today it has arranged to buy control of the broadcasting assets of a restructured Canwest Global Communications Corp. It has also agreed to help Canwest pay back creditors as it restructures to deal with a mountain of debt.

Shaw Communications Corp. will own at least 20 per cent of Canwest’s equity and 80 per cent of its voting stock after the deal. Canwest will remain a standalone company with its own board of directors and its own management team.