Shaw 2010 Annual Report Download - page 122

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(c) Adoption of new accounting pronouncement
Business Combinations
Effective September 1, 2009, the Company adopted FASB Accounting Standards Codification
section 805-10 “Business Combinations”. This revised statement requires assets and liabilities
acquired in a business combination, contingent consideration, and certain acquired contingencies
to be measured at their fair values as of the date of acquisition. In addition, acquisition-related and
restructuring costs are to be recognized separately from business combinations, generally as
expenses.
23. COMPARATIVE CONSOLIDATED FINANCIAL STATEMENTS
Certain of the comparative figures have been reclassified to conform to the presentation adopted in
the current year.
24. SUBSEQUENT EVENTS
During 2010, the Company completed certain portions of the acquisition of the broadcasting
business of Canwest (see note 5). On October 22, 2010, the Company received CRTC approval for
the remainder of its 100% acquisition. The transaction closed on October 27, 2010. The aggregate
purchase price, including the amounts paid in 2010 and debt assumed, was approximately
$2,000,000. In conjunction with the closing, the Company refinanced the CW Media term loan,
including breakage of the related currency swaps. In aggregate, the Company required
approximately $1,000,000 to complete the transaction and refinancing. In connection with the
closing of the acquisition, within 30 days thereof, a subsidiary of CW Media is required to make a
change of control offer at 101% of the obligations under the US $338,306 13.5% senior notes due
2015 issued by it in accordance with a related indenture dated as of July 3, 2008.
118
Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2010, 2009 and 2008
[all amounts in thousands of Canadian dollars except share and per share amounts]