CALGARY — Shaw Communications Inc. says it remains committed to its deal to be bought by Rogers Communications Inc. as it reported its fourth-quarter profit rose more than 40 per cent compared with a year ago.
Shaw CEO Brad Shaw reiterated his commitment to work to close the transaction, adding that it was not appropriate to comment on a boardroom fight between members of the Rogers family over control of the company.
Edward Rogers, the son of late Rogers founder Ted Rogers, is fighting with his sisters and mother for control of the board of directors at Rogers.
He has asked a B.C. court to declare legitimate the newly constituted board he formed after being ousted as board chair earlier this month after media reports made public a failed plan to replace CEO Joe Natale with the company’s chief financial officer.
Meanwhile, Shaw reported a profit of $252 million or 50 cents per diluted share for the quarter ended Aug. 31, up from a profit of $175 million or 34 cents per diluted share in the same quarter last year.
Revenue totalled $1.38 billion, up from $1.35 billion.
This report by The Canadian Press was first published Oct. 29, 2021.
Companies in this story: (TSX:SJR.B, TSX:RCI.B)
The Canadian Press
Note to readers: This is a corrected story. A previous version referred to the incorrect fiscal quarter.