Shaw buys Goldman's stake in Canwest

The Associated Press

WINNIPEG, Manitoba (AP) – Canadian cable and satellite provider Shaw Communications is paying $700 million to buy the 65 percent stake of Canada's second-largest private television network that's owned by Goldman Sachs.

Canwest Global Communications has been restructuring its broadcasting and publishing business under protection from creditors since October.

The deal between Calgary, Alberta-based Shaw and the New York investment bank clears the way for Shaw to buy all of the television division of a restructured Canwest.

Shaw has said it wants only Canwest's television and specialty cable TV properties.

Canwest's newspaper and publishing assets also are up for sale. The owner of the Toronto Star, Torstar, said it has bid for those assets.

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