Shaw Communications net profit drops 10% in fiscal second quarter



Shaw Communications (SJR) revenue and earnings declined in its last quarter before the
planned multi-billion dollar takeover by Rogers Communications (RCI).

Calgary-based Shaw Communications, specializing in cable, internet and wireless
services, posted net income of $196 million in the second quarter of its fiscal year, down 9.7% from $217 million
million in the same period a year ago.

Shaw absorbed a drop of 58,100 subscribers in its wireline business, where the drop in video,
satellite and telephone subscriptions more than offset a “modest gain” from consumer Internet, the
the society.

Year-over-year, wireline services, which account for more than three-quarters of total revenue, fell
more than 1% to $1.04 billion, while adjusted profit fell nearly 6% to $509 million.

However, the wireless business saw its adjusted profit rise 27% year-over-year to $123 million.
amid subscriber growth. Wireless segment operates in Ontario, Alberta and Great Britain
Colombia, covering about half the population of Canada.

Shaw’s profit was $0.39 per share, compared to $0.43 for the same period of 2021.
Revenue for the three months ended Feb. 28 was $1.36 billion, down 2% from $1.39 billion.
Last year.

Shaw said in a press release that he remains focused on his potential acquisition by Rogers,
which it plans to close in the first half of this year.

Last month, the Canadian Radio-television and Telecommunications Commission (CRTC),
Canada’s broadcast regulator has approved Rogers’ purchase of broadcasting services from Shaw,
and established a series of conditions that Shaw must adhere to.

The broadcast regulator’s approval marked one of the many hurdles Rogers must clear
as he tries to close the $26 billion deal he signed in March 2021 to buy Shaw
Communications.

The Competition Bureau of Canada and Innovation, Science and Economic Development Canada are
also reviews the agreement and must approve it.

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