As Vancouver prepared for the opening ceremony to the 2010 Winter Olympics on Friday, cable operator Shaw Communications agreed to purchase the TV assets of Canadian media operator Canwest Global Communications.
Under terms of the deal, Shaw, Canada's No. 2, will acquire at least a 20% equity stake and 80% voting control in a restructured Canwest, gaining access to cable channels, as well as its broadcast service, Global Television. Canwest filed for bankruptcy last fall.
The deal doesn't include Canwest's newspaper operations, as a separate auction is being held for these assets.
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