The family behind media giant Shaw Communications announced on 20 April that it has increased its stake in the company by purchasing over one million Class B non-voting shares.
The group, controlled by the founding Shaw family, said in a statement that the family had bought the publicly traded shares, but did not reveal how much they paid for the purchase. Following this transaction, the Shaw family will own more than 51 million (8.3%) Class A and Class B shares, and said that they will continue to buy more shares on a regular basis.
Following the announcement, the group’s share price closed at a day high of $20.66 on 20 April. The increase was welcome news for the group, which witnessed a drop in its share price just a few days earlier due to a delay in its plans to rollout a wireless phone service.
The Calgary, Canada-based communications and media company was founded in 1966, and was first named Capital Cable Television Company. It is currently headed by third-generation Jim Shaw, and the family together hold 79% of the voting rights of the group through a Voting Trust Agreement. Bradley Shaw is the chief executive while JR Shaw is executive chairman of the company.
Shaw Communications had 2010 fiscal revenues of $3.89 billion, up from $3.56 billion the year before.