Shaw Pulls Out of CTVglobemedia Stations Deal

TORONTO: Shaw Communications has backed out of its deal to acquire CTVglobemedia’s television stations in Windsor, Wingham and Brandon for C$1 each.

CTVglobemedia issued a brief statement late yesterday announcing that Shaw was pulling out of the deal, first announced at the end of April. At the time, Ivan Fecan, the president and CEO of CTVglobemedia, said of the sale of CKX-TV in Brandon and the "A" stations in Wingham and Windsor: "I think it’s great. We’ve accepted their offer of $1 per station. Cable is rolling in money and can obviously afford to underwrite the losses. Good for them. I’m sure they will live up to the existing conditions of licence placed on these stations which is wonderful news for the employees and for the people of Windsor, Wingham and Brandon."

No reason was given for Shaw walking away from the agreement. Local reports indicate that representatives of the cable company had spent the last few weeks touring the stations and going over the financials—and had not liked what they had seen. CTVglobemedia first putting the stations on the market in February.