TORONTO – Canadian media giant Shaw Communications may face fierce competition, but its controlling family continues to buy up stock in companies they control.
Calgary’s Shaw family last week acquired another 250,000 class B non-voting shares in Corus Entertainment to up their stake to just over 7.7 million voting shares.
Terms of the stock purchase deal were not disclosed.
The Shaws last week bought just over one million non-voting shares in Shaw Communications, the western Canadian cable giant they also control, to hold around 51.5 million class A voting and class B non-voting shares in the company.
The Shaw family added they will continue to acquire shares on a regular basis.
Upping their stakes in companies they control follows Shaw Communications easing the throttle in its drive to rollout a wireless phone service as it battles phone giant Telus Corp. in the western Canadian market.
The company instead will focus on its core cable TV, Internet access and satellite TV businesses as it faces stepped up competition from Netflix Canada and other emerging digital platforms.