CanWest Will Oppose Shaw Application.WINNIPEG, MANITOBA--(BUSINESS WIRE)--March 8, 1999-- CanWest Global Commu(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CGS.S.) (TSE:CGS.A.) (NYSE NYSE See: New York Stock Exchange :CWG CWG Conversations with God CWG Core Working Group CWG Certification Working Group (WiMAX Forum) CWG Collaboration Working Group CWG Commercial Working Group (TAT-14) ) CanWest Global Communications CanWest Global Communications Corp. TSX: CGS TSX: CGS.A NYSE: CWG is one of Canada's largest international media companies. The company's head office is situated in Winnipeg, Manitoba, at the tallest building (CanWest Global Place) in the city and it is on the announced today it will vigorously oppose an application by Shaw Communications seeking approval of its purchase of 49.96 percent of the Class A voting shares of WIC Western International Communications (WIC) and 52 percent of the Class B non-voting shares. The application with the Canadian Radio-television and Telecommunications Commission The Canadian Radio-television and Telecommunications Commission (CRTC, in French Conseil de la radiodiffusion et des télécommunications canadiennes) was established in 1968 by the Parliament of Canada to replace the Board of Broadcast Governors. (CRTC CRTC Canadian Radio-Television & Telecommunications Commission CRTC Combat Readiness Training Center CRTC Cathode Ray Tube Controller CRTC China Railway Telecommunications Center CRTC Cold Region Test Center CRTC Continuously Regenerated Trap Column ) seeking approval of the purchase, was filed late in 1998. The CRTC announced on Friday, March 5th, it has set a hearing date to deal with the application. While CanWest anticipated the announcement, CanWest in no way accepts the substance of the application. The filing of the application by Shaw is also not representative of the current state of negotiations between the two parties with respect to the break-up of WIC and the distribution of its assets. CanWest is opposed to any regulatory consideration of the WIC matter in the context of an overall resolution which is acceptable to both CanWest and Shaw. CanWest will be urging the CRTC not to hear the application because the transaction is still awaiting a hearing before the Supreme Court of British Columbia The Supreme Court of British Columbia (SCBC) is the superior trial court for the Canadian province of British Columbia. The SCBC hears civil and criminal law cases as well as appeals from the Provincial Court of British Columbia. . The court proceedings are in relation to the way Shaw acquired its voting shares of WIC and that transaction may be nullified if the CanWest counterclaim is that action is successful. CanWest Global Communications Corp. (NYSE - CWG and TSE - CGS.S and CGS.A) is an international media company. In Canada, CanWest owns and operates the Global Television Network and Global Prime Cable Network as well as Fireworks Entertainment Inc., a production and distribution company. Internationally, CanWest owns and operates New Zealand's TV3 and TV4 Television Networks and the More FM Radio Network. The Company also has significant investments in Australia's TEN Television Network, the Republic of Ireland's new TV3 Television Network, and Northern Ireland's Ulster Television. www.canwestglobal.com |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion