Shaw 2013 Annual Report Download - page 87

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S
haw
C
ommunications Inc
.
N
O
TE
S
T
OCO
N
SO
LIDATED FINAN
C
IAL
S
TATEMENT
S
August 31, 2013 and 201
2
[all amounts in millions of Canadian dollars exce
p
t share and
p
er share amounts
]
The Company received proceeds of
$
398 in cash on the sale of the Mountain Cable an
d
recorded a
g
ain of $50. The assets and liabilities dis
p
osed of were as follows
:
$
A
ccounts receivabl
e
2
Pro
p
ert
y
,
p
lant and e
q
u
ip
men
t
65
O
ther long-term asset
s
3
Intang
i
bles
2
4
5
Goodwil
l
81
3
96
A
ccounts payable and accrued liabilities
1
I
ncome tax
p
a
y
a
ble
1
Unearned revenue
2
D
efe
rr
ed c
r
edits
2
Deferred income taxe
s
4
2
48
W
ireless s
p
ectrum license
s
The wireless s
p
ectrum licenses are not classified as assets held for sale due to re
g
ulator
y
restr
i
ct
i
ons
p
revent
i
n
g
the exerc
i
se o
f
the o
p
t
i
on and subse
q
uent trans
f
er o
f
the l
i
censes unt
i
l
after September 2014. The Company received
$
50 in respect of the purchase price of the
op
tion to ac
q
uire the wireless s
p
ectrum licenses. The amount is recorded in deferred credits
and w
i
ll be
i
ncluded as
p
art o
f
the
p
roceeds rece
i
ved on exerc
i
se o
f
the o
p
t
i
on and sale o
f
th
e
wireless spectrum licenses, or alternatively as a gain if the option is not exercised and expires
.
I
n addition, the Com
p
an
y
received a
$
200 refundable de
p
osit in res
p
ect of the o
p
tion exercis
e
p
r
i
ce. The de
p
os
i
t has been recorded
i
nde
f
erred cred
i
ts and w
i
ll be
i
ncluded as
p
art o
f
th
e
proceeds received on exercise of the option and sale of the wireless spectrum licenses o
r
refunded to Ro
g
ers if the o
p
tion is not exercised and ex
p
ires
.
TV
tro
p
o
lis
The acquisition of Rogers’ 33.3% interest in TVtropolis increased the Company’s ownership t
o
100%. The difference between the consideration of $59, which was initiall
yp
aid as a de
p
osi
t
pend
i
ng regulatory approval o
f
the transact
i
on, and the carry
i
ng value o
f
the
i
nterest acqu
i
red o
f
$
23 has been charged to retained earnings
.
T
ransactions with
C
orus Entertainment Inc.
(“C
orus”
)
D
uring the current year, the Company entered into a series of agreements with Corus (see not
e
27) to o
p
timize its
p
ortfolio of s
p
ecialt
y
channels. Effective A
p
ril 30, 2013, the Com
p
an
y
sold
t
o
C
orus
i
ts 4
9% i
nterest
i
nAB
CSp
ark and ac
q
u
i
red
f
rom
C
orus
i
ts
20% i
nterest
i
n Foo
d
N
etwork Canada. In addition, the Company has agreed to sell to Corus its 50% interest in it
s
t
wo French-lan
g
ua
g
e channels, Historia and Series+. The sale of Historia and Series+ is
ex
p
ected to occur
i
n
201
4
.
83