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CRTC approves steps for CanWest
Friday May 25th 2007TORONTO (CP) _ Canada’s broadcast regulator has approved a trustee who will oversee the regulated parts of Alliance Atlantis Communications Inc. (TSX:AAC.B) in a process leading to a $2.3-billion takeover by CanWest Global Communications Corp. (TSX:CGS).
Winnipeg-based CanWest Global, owner of one of Canada’s two national private-sector TV networks, announced in January a multi-step deal that will give it effective control of Alliance Atlantis _ owner of several specialty cable channels and other entertainment assets.
On Friday, the two companies announced that the Canadian Radio-television and Telecommunications Commission has approved a plan that will split off the Alliance Atlantis regulated cable channels and temporarily put them under control of trustee James Macdonald.
Macdonald’s career includes a stint as senior vice-president and chief media services officer of BCE Media Ltd., part of the BCE group of companies. Before that, he held senior positions at Western International Communications Inc., which was bought by CanWest, and at Rogers Broadcasting Ltd.
"Jim Macdonald is a highly experienced and well-respected member of the Canadian broadcasting industry," said Phyllis Yaffe, CEO of Alliance Atlantis. "Jim’s long-standing commitment to the broadcasting sector makes him an ideal candidate for this important role and I look forward to working with him in the weeks and months ahead."
While the CRTC’s approval clears the way for a completion of CanWest’s takeover of the unregulated portion of Alliance Atlantis, the federal regulator will still review CanWest’s application to transfer the regulated properties from the trustee to CanWest.
A public hearing is planned for late summer 2007.
"We are very pleased that these approvals have been obtained which satisfy certain conditions pertaining to the acquisition," CanWest CEO Leonard Asper said in a statement.
"This is another important step in the transaction process. All material regulatory approvals required in connection with the broadcasting operations that are part of the Plan of Arrangement have now been obtained."
Earlier Friday, CanWest Global announced it was planning to buy up the CanWest MediaWorks Income Fund _ which owns about 26 per cent of the CanWest newspaper business, excluding the National Post.
Headline, Industry News
CRTC approves steps for CanWest
Friday May 25th 2007TORONTO (CP) _ Canada’s broadcast regulator has approved a trustee who will oversee the regulated parts of Alliance Atlantis Communications Inc. (TSX:AAC.B) in a process leading to a $2.3-billion takeover by CanWest Global Communications Corp. (TSX:CGS).
Winnipeg-based CanWest Global, owner of one of Canada’s two national private-sector TV networks, announced in January a multi-step deal that will give it effective control of Alliance Atlantis _ owner of several specialty cable channels and other entertainment assets.
On Friday, the two companies announced that the Canadian Radio-television and Telecommunications Commission has approved a plan that will split off the Alliance Atlantis regulated cable channels and temporarily put them under control of trustee James Macdonald.
Macdonald’s career includes a stint as senior vice-president and chief media services officer of BCE Media Ltd., part of the BCE group of companies. Before that, he held senior positions at Western International Communications Inc., which was bought by CanWest, and at Rogers Broadcasting Ltd.
"Jim Macdonald is a highly experienced and well-respected member of the Canadian broadcasting industry," said Phyllis Yaffe, CEO of Alliance Atlantis. "Jim’s long-standing commitment to the broadcasting sector makes him an ideal candidate for this important role and I look forward to working with him in the weeks and months ahead."
While the CRTC’s approval clears the way for a completion of CanWest’s takeover of the unregulated portion of Alliance Atlantis, the federal regulator will still review CanWest’s application to transfer the regulated properties from the trustee to CanWest.
A public hearing is planned for late summer 2007.
"We are very pleased that these approvals have been obtained which satisfy certain conditions pertaining to the acquisition," CanWest CEO Leonard Asper said in a statement.
"This is another important step in the transaction process. All material regulatory approvals required in connection with the broadcasting operations that are part of the Plan of Arrangement have now been obtained."
Earlier Friday, CanWest Global announced it was planning to buy up the CanWest MediaWorks Income Fund _ which owns about 26 per cent of the CanWest newspaper business, excluding the National Post.
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Headline, Industry News
CRTC approves steps for CanWest
Friday May 25th 2007TORONTO (CP) _ Canada’s broadcast regulator has approved a trustee who will oversee the regulated parts of Alliance Atlantis Communications Inc. (TSX:AAC.B) in a process leading to a $2.3-billion takeover by CanWest Global Communications Corp. (TSX:CGS).
Winnipeg-based CanWest Global, owner of one of Canada’s two national private-sector TV networks, announced in January a multi-step deal that will give it effective control of Alliance Atlantis _ owner of several specialty cable channels and other entertainment assets.
On Friday, the two companies announced that the Canadian Radio-television and Telecommunications Commission has approved a plan that will split off the Alliance Atlantis regulated cable channels and temporarily put them under control of trustee James Macdonald.
Macdonald’s career includes a stint as senior vice-president and chief media services officer of BCE Media Ltd., part of the BCE group of companies. Before that, he held senior positions at Western International Communications Inc., which was bought by CanWest, and at Rogers Broadcasting Ltd.
"Jim Macdonald is a highly experienced and well-respected member of the Canadian broadcasting industry," said Phyllis Yaffe, CEO of Alliance Atlantis. "Jim’s long-standing commitment to the broadcasting sector makes him an ideal candidate for this important role and I look forward to working with him in the weeks and months ahead."
While the CRTC’s approval clears the way for a completion of CanWest’s takeover of the unregulated portion of Alliance Atlantis, the federal regulator will still review CanWest’s application to transfer the regulated properties from the trustee to CanWest.
A public hearing is planned for late summer 2007.
"We are very pleased that these approvals have been obtained which satisfy certain conditions pertaining to the acquisition," CanWest CEO Leonard Asper said in a statement.
"This is another important step in the transaction process. All material regulatory approvals required in connection with the broadcasting operations that are part of the Plan of Arrangement have now been obtained."
Earlier Friday, CanWest Global announced it was planning to buy up the CanWest MediaWorks Income Fund _ which owns about 26 per cent of the CanWest newspaper business, excluding the National Post.
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