CanWest becomes Shaw Media

Shaw Communications takes over CanWest -

In a process that took over a year, Canadian media giant CanWest has emerged from creditor protection with a new owner, Western cable provider Shaw.

The name CanWest will all but disappear from the Canadian media landscape as the shell of the former giant has been renamed 2737469 Canada Inc. and ceased business to commence bankruptcy proceedings.

Shaw Communications, the owner of Shaw Cable and Shaw Satellite takes took control over the television network Global and specialty channels Showcase, HGTV, History, National Geographic Channel and TVTropolis today following regulatory approval.

The deal is worth C$2 billion.

Since Shaw has experience in media with its now-separate Corus Entertainment business, it's not entirely new territory. Anybody remember what happened to Bell and its media businesses with CTV and the slew of specialty stations?

Telus, on the other hand isn't too impressed with the move, fearing Shaw will restrict its fellow Western competitor from accessing its media assets.