Canada’s Shaw uses Q4 results to urge regulator deal approval

Canadian telco Shaw Communications’ results for the year ended August 31, 2022 have shown a 1.1% year-over-year drop to $5.45bn. The company said 2022 results include “growth in Consumer Internet, Wireless service and Business revenue, offset by declines in Wireless equipment and Wireline Video, Satellite and Phone revenue”.

Brad Shaw

Brad Shaw, Shaw executive chair & CEO, used the results announcement to aim a broadside at Canada’s regulators for holding up a proposed set of deals involving Shaw, and two other Canadian media giants Rogers and Quebecor.

“The Canadian and global communications sectors face important and rapidly escalating investment demands where ongoing investments determine our competitiveness tomorrow,” he said.

“That is why it is so important to move forward with the transactions that Shaw, Quebecor and Rogers have agreed to. Our proposed series of transactions creates an opportunity to enable a strong, fourth wireless carrier that can compete at scale against the Big 3 and with 5G. The proposal also ensures that Shaw’s wireline business can make the significant investments it needs to remain competitive over the long term. (But) instead of moving ahead with long-term planning that will drive more competition, we are unfortunately delayed by litigation with the Competition Bureau.”

Despite the hold up, Shaw said he is “optimistic that we will ultimately be able to complete our proposed transactions, and we are unwavering in our conviction that they represent a victory for all stakeholders, especially Canadian consumers.”

Tags: Canada, Rogers, Shaw

Most Recent