CANWEST GLOBAL’S ACQUISITION OF ALLIANCE ATLANTIC APPROVED BY REGULATOR
December 23rd 2007 02:49
The Canadian Radio-television and Telecommunications Commission officially approved CanWest Global's C$2.3-billion acquisition of Alliance Atlantis' specialty channels, according to Media in Canada.
The commission’s chairman Konrad von Finckenstein said the regulator is "satisfied that this transaction meets the requirements for Canadian control both in law and fact."
CanWest must merge its existing broadcasting properties into CanWest Investments by 2011, including the Alliance assets.
Media in Canada reported, “Speculation about the implications of the deal is swirling – from questions about whether other Canadian broadcasters will now seek foreign investment partners (CanWest is financing the deal with US-based Goldman Sachs Capital Partners) to concerns about control of the airwaves.
CanWest will devote C$136.6 million over seven years to programming, and several programs will be produced by independent production companies.
CanWest also committed $14.6 million toward social and industry initiatives, including mentorship and internship programs and support for arts and diversity festivals.
- From MediaBlab
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