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Shaw Communications’ Net Income Falls 10% In Fiscal Q2

Shaw Communications’ (SJR) revenue and profit declined in its latest quarter ahead of the
company’s planned multibillion-dollar takeover by Rogers Communications (RCI).

Calgary-based Shaw Communications, which specializes in cable, internet, and wireless
services, earned a net income of $196 million in its fiscal second quarter, down 9.7% from $217
million in the same period a year ago.

Shaw absorbed a drop of 58,100 subscribers in its wireline business, where declines in video,
satellite and phone subscriptions more than offset a “modest gain” in consumer internet, the

Year over year, wireline, which accounts for more than three-quarters of total revenue, dropped
more than 1% to $1.04 billion, while adjusted earnings fell nearly 6% to $509 million.

However, the wireless business saw adjusted earnings rise 27% year over year to $123 million
amid subscriber growth. The wireless segment operates in Ontario, Alberta and British
Columbia, covering about half of Canada's population.

Shaw's profit amounted to $0.39 per share compared with $0.43 in the same period of 2021.
Revenue for the three months ended February 28 was $1.36 billion, down 2% from $1.39 billion
last year.

Shaw said in a news release that it remains focused on its would-be acquisition by Rogers,
which it expects to close in the first half of this year.

Last month, the Canadian Radio-television and Telecommunications Commission (CRTC),
Canada’s broadcast regulator, approved Rogers' purchase of Shaw's broadcasting services,
and laid out a series of conditions Shaw must meet.

The approval from the broadcasting regulator marked one of several hurdles Rogers must clear
as it tries to close the $26-billion deal it signed in March 2021 to purchase Shaw

Canada’s competition Bureau and Innovation, Science and Economic Development Canada are
also reviewing the deal and must approve it.