Shaw remains optimistic it can complete Rogers deal despite opposition
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Shaw Communications Inc. says it remains optimistic the company will be able to complete its deal to be bought by Rogers Communications Inc. despite opposition from the Competition Bureau.
Brad Shaw, the company’s executive chair and chief executive, says the company remains committed to the deal that would also see Videotron Ltd. acquire Shaw’s Freedom Mobile wireless business.
The comments came as Shaw reported a fourth-quarter profit of $169 million or 34 cents per diluted share, down from a profit of $252 million or 50 cents per diluted share in the same quarter last year.
Revenue for the three-month period ended Aug. 31 totalled $1.36 billion, down from $1.38 billion in the same quarter a year earlier.
The Competition Bureau is seeking to block the Rogers-Shaw transaction because of concerns the deal would lead to worse services and higher prices for consumers.
A hearing at the Competition Tribunal weighing the deal is ongoing and expected to run until mid-December.
This report by The Canadian Press was first published Nov. 29, 2022.
Companies in this story: (TSX:SJR.B, TSX:RCI.B, TSX:QBR.B)