The Canadian Radio-television and Telecommunications Commission (CRTC), Canada’s broadcast regulator, has approved Rogers’ (RCI) $20 billion takeover of Shaw Communications (SJR).
The deal is subject to certain conditions and modifications. Rogers will have to pay $27.2 million in benefits into the broadcasting system, roughly five times what it had originally proposed.
The CRTC also instructed Rogers to provide annual reports on its pledges to bolster local news coverage. And, the regulator said it will implement “safeguards” designed to protect independent programming services in negotiations with Rogers.
The regulatory approval was strictly focused on Rogers’ acquisition of Shaw’s broadcasting assets. The takeover still requires approval from the Competition Bureau and Innovation, Science and Economic Development Canada (ISED).
In a news release, Rogers said it’s continuing to “work constructively” with the Competition Bureau and ISED as they evaluate the proposed takeover of Shaw Communications. Rogers reiterated that it expects the deal to close by the end of June this year.
