TORONTO (Reuters) - Canada's Shaw Communications Inc
Shaw reached an agreement with Goldman Sachs and other senior subordinated noteholders allowing it to acquire all of the shares of a restructured Canwest upon completion of a proposed recapitalization transaction, the companies said in a separate statements.
A judge in February ruled that Canwest's television assets could be acquired by Shaw Communications, scuppering Goldman Sachs'
The Canwest media empire has struggled for survival after a rapid rise to glory trapped it under a massive debt load -- some C$4 billion -- forcing it to file for creditor protection for its television operations in October 2009.
That was only two years after sealing a C$2.3 billion deal with an affiliate of Goldman Sachs to acquire specialty-TV group Alliance Atlantis Communications, when Canwest gained such popular channels as Food Network Canada, History Television and HGTV Canada.
The sale of Canwest's TV assets is separate from a process to sell its newspaper arm, which is also in bankruptcy protection. The papers that may be sold off include the National Post and Vancouver Sun.
(Reporting by Euan Rocha; Editing by Frank McGurty)