Court approves Shaw plan

The Ontario Superior Court of Justice okays the Shaw-Canwest deal; up next, the CRTC.

The Ontario Superior Court of Justice has approved Shaw Communications’ plan to acquire the TV assets of Canwest.

In an announcement yesterday, Shaw Communications confirmed that the court had green-lit the consolidated plan of compromise, arrangement and reorganization relating to its acquisition of Canwest’s conventional and specialty channels. The final hurdle will be CRTC review of the deal, which is set to go before the commission on Sept. 20, 2010.

‘This is another important step forward with respect to the CMI Entities emerging from the Companies’ Creditors Arrangement Act process and we look forward to closing the transaction once all necessary regulatory reviews have been concluded,’ Jim Shaw, CEO and vice chair, Shaw, said in a release.

Recent weeks have seen a flurry of announcements surrounding the other side of the former Canwest empire, the publishing division now known as Postmedia Network. The transition was finalized in mid-July, and is set to ‘transform from a traditional media company to a fully integrated multimedia company,’ Paul Godfrey, Postmedia’s president and CEO, commented in a release on July 12.