Shaw Communications Controlling Family Ups Stake
Calgary's Shaw family increases stake in western Canadian cable giant as it eases back on plans to roll out mobile phone network.
TORONTO – The family that controls western Canadian cable giant Shaw Communications has upped its stake.
Calgary’s Shaw family has acquired just over one million non-voting shares to holds around 51.5 million class A voting and class B non-voting shares in the company. Terms of the shares purchased where not disclosed, but the Shaw Family added it will continue to acquire shares on a regular basis.
The move follows Shaw Communications easing the throttle in its drive to rollout a wireless phone service while battling phone giant Telus Corp. in the western Canadian market.
Other setbacks include Brad Shaw recently replacing long-time Shaw Communications CEO Jim Shaw Jr. at the head of the family-controlled media group ahead of schedule. Under Brad Shaw, Shaw Communications has signaled it will focus on its core cable TV, Internet access and satellite TV businesses as it faces stepped up competition from Telus, Netflix Canada and other emerging Canadian players.