Canada’s already-consolidated media industry is getting even smaller as the Canadian Radio-television and Telecommunications Commission (CRTC) has approved the acquisition of Shaw Media by Corus Entertainment.
The $2.65-billion deal will be finalized on April 1.
Shaw Media’s holdings include the Global Television Network and 19 specialty channels, including Food Network Canada and HGTV Canada.
In its approval announcement, the CRTC noted that the ownership change “does not result in a change in effective control” — the Alberta-based Shaw family owns class A shares of both companies.
The Canadian Media Producers Association were critical of the Corus-Shaw deal.
“The approved deal will see Corus dominate women’s, lifestyle and children’s programming in Canada, ultimately reducing the diversity and quality of programming available to Canadian audiences,” the independent producers’ organization wrote in a statement.
“Corus will use its greater negotiating power to extract even more rights and revenues from independent producers… Ultimately, the production sector itself could shrink, putting thousands of jobs and millions of dollars of GDP at risk.”
As of April 1st, Corus’ media portfolio will include 15 conventional channels, 39 radio stations and 45 specialty services.