Jim Shaw Jr. Gives Up Control of Cable Giant to Brother Bradley
Regulator today rules on the takeover of Canwest Global Comms TV assets by Shaw Comms
TORONTO -- Having vanquished Goldman Sachs & Co. for control of Canada's most profitable TV channels, a triumphant Jim Shaw Jr. on Friday handed the reins at western Canadian cable giant Shaw Communications to younger brother Bradley Shaw.
"It is now Brad's time to lead Shaw Communications into the future," Jim Shaw Jr., CEO of the family-controlled media empire for 12 years, said Friday as the country's TV regulator later today rules on the pending $2 billion takeover of Canwest Global Communications Corp.'s TV assets by Shaw Communications.
To seize control of Canwest Global, Calgary-based Shaw Communications had to prevail in a toe-to-toe court battle with Goldman Sachs, not least by telling an Ontario court that 13 local cable channels, including HGTV Canada and Food Network Canada, needed to be in Canadian hands.
To finally see the Wall Street investment bank off, Shaw had to pay Goldman Sachs around $700 million for its stake in the lucrative cable channels.
Bradley Shaw, who led the recent CRTC hearings into the Canwest Global deal, will formally take control of Shaw Communications on Jan. 13, 2011, as the cable company holds its next annual general meeting.
Bradley Shaw was most recently executive vp of Shaw Communications.