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CRTC Approves Greater Media Concentration and More Foreign Ownership |
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Contributed by Jim Elliott
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Friday, 21 December 2007 |
Unfortunately, this morning the CRTC has approved a
US-funded deal, with 64 percent ownership from US investment bank Goldman Sachs,
giving a US company effective control of two important Canadian media companies,
CanWest and Alliance Atlantis.
In a November 2007 press release, the Council of Canadians and the Campaign for Democratic Media (CDM)
urged the Canadian Radio-television and Telecommunications
Commission (CRTC) to reject an application by CanWest MediaWorks to
acquire Alliance Atlantis Communications in partnership with an
affiliate of the U.S. investment banking giant Goldman Sachs and
Company.
"On paper, the companies have gone to great lengths to meet the
technical requirements of Canada's Broadcasting Act which restrict
foreign ownership," says Garry Neil of the Council of Canadians, who
will be appearing at the public hearing on Monday, November 19. "But
if the deal goes through, it will effectively allow a U.S. corporation
to own and control two of Canada's largest media companies." For the
purpose of its acquisition of Alliance Atlantis, CanWest has entered
into a partnership with GS Capital Partners (GSCP), an affiliate of
Goldman Sachs and Company. GSCP will acquire by far the largest equity
interest in the company that will own the broadcast companies of
Alliance Atlantis and into which CanWest's broadcasting assets will be
transferred.
“There appears to be no real benefit to Canadians from the proposed
deal," says Steve Anderson, coordinator of the Campaign for Democratic
Media. "We need a Canadian-owned system that is committed to providing
news and other programming that reflects the diversity of our
population. Wall Street is not likely to help us get there."
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Last Updated ( Friday, 21 December 2007 )
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