Buyers set plan to split WIC

CanWest to receive all shares

TORONTO — CanWest Global, Shaw Communications, Corus Entertainment and Cathton Holdings have released the details of their proposed division of media giant Western Intl. Communications’ broadcasting, distribution and other businesses.

Subject to the regulatory approval of the Canadian Radio-Television and Telecommunications Commission, the proposed reorganization gives CanWest all of WIC’s shares, which includes its conventional TV stations and its 50% interest in the specialty channel ROBTv; Shaw will take WIC’s distribution businesses, including its interest in Canadian Satellite Communications; and Corus will take all of WIC’s radio stations and pay and specialty TV assets.

Corus and Shaw are expected to receive approximately C$550 million ($373 million) either in cash or in a combination of cash and securities for their interests in WIC, which will be split approximately 75% for Corus and 25% to Shaw.

WIC’s board of directors is waiting to receive the nod from independent financial advisers that the reorganization is fair to the company’s minority shareholders before it endorses the deal.

The companies expect to file their formal application to the CRTC by Dec. 1, and anticipate a hearing in April.