Earlier today, Quebecor Inc., Rogers Communications Inc. and Shaw
Communications Inc. attended a mediation session as part of the
Competition Tribunal process.
"The mediation did not yield a negotiated settlement. We
are disappointed with this outcome and believe that litigation is
both unnecessary and harmful to competition. The Bureau's
unwillingness to meaningfully engage unduly delays lower wireless
prices for Canadian consumers.
We remain committed to completing this pro-competitive series of
transactions and are confident in the strength and merits of our
case in front of the Competition Tribunal, including the many
benefits of these transactions to Canadians.
Once completed, our proposed series of transactions will
positively transform the Canadian telecommunications industry in
both the wireline and wireless segments. The combined
Videotron-Freedom business will have everything it needs to compete
as a stronger fourth carrier for the long term, including critical
5G spectrum. Quebecor’s commitment to lower wireless prices for
Canadians across the country is one of the many benefits that
the proposed transactions will create.
At the same time, the combined Shaw-Rogers wireline business
will have a national network positioned to compete against the
telcos for the long-term.
Together, these transactions will deliver world-leading,
affordable telecommunications that Canadian consumers need and
deserve for today and into the future."
Caution Regarding Forward Looking
StatementsThis news release includes “forward-looking
statements” within the meaning of applicable securities laws,
including, without limitation, statements about the anticipated
benefits and effects of both the sale of Freedom Mobile Inc.
(“Freedom”) to Videotron Ltd., a subsidiary of Quebecor (the
“Freedom Transaction”), and the merger of Shaw and Rogers announced
on March 15, 2021 (the “Rogers-Shaw Transaction”), including the
expected impact of the Freedom Transaction and the Rogers-Shaw
Transaction on competitive conditions in Canada’s
telecommunications industry and wireless and wireline markets, and
the ability of Quebecor to emerge as Canada’s fourth national
wireless competitor. Forward-looking information may in some cases
be identified by words such as “will”, “anticipates”, “believes”,
“expects”, “intends” and similar expressions suggesting future
events or future performance.
We caution that all forward-looking information is inherently
subject to change and uncertainty and that actual results may
differ materially from those expressed or implied by the
forward-looking information. A number of risks, uncertainties and
other factors could cause actual results and events to differ
materially from those expressed or implied in the forward-looking
information or could cause the current objectives, strategies and
intentions of Rogers, Shaw or Quebecor to change. Such risks,
uncertainties and other factors include, among others, the
possibility that the Freedom Transaction or the Rogers-Shaw
Transaction will not be completed in the expected timeframe or at
all; the failure to obtain any necessary regulatory approvals and
clearances in connection with the Freedom Transaction or the
Rogers-Shaw Transaction in the expected timeframe or at all; the
possibility that the parties will not be able to reach a resolution
with the Commissioner of Competition or the Minister of Innovation,
Science and Industry regarding the Freedom Transaction or the
Rogers-Shaw Transaction; the outcome and timing of pending or
potential litigation or regulatory proceedings associated with the
Rogers Shaw Transaction or the Freedom Transaction, including the
proceeding commenced on May 9, 2022 by the Commissioner of
Competition before the Competition Tribunal to block the
Rogers-Shaw Transaction and any appeals from any decision rendered
by the Competition Tribunal; the failure to realize the anticipated
benefits of the Freedom Transaction and the Rogers-Shaw Transaction
in the expected timeframes or at all; and general economic,
business and political conditions. Accordingly, we warn investors
to exercise caution when considering statements containing
forward-looking information and that it would be unreasonable to
rely on such statements as creating legal rights regarding the
future results or plans of Rogers, Shaw or Quebecor. We cannot
guarantee that any forward-looking information will materialize and
you are cautioned not to place undue reliance on this
forward-looking information. Any forward-looking information
contained in this news release represent expectations as of the
date of this news release and are subject to change after such
date. A comprehensive discussion of other risks that impact each of
Rogers, Shaw and Quebecor can also be found in its public reports
and filings, which are available under their respective profiles,
as applicable, at www.sedar.com and www.sec.gov.
Forward-looking information is provided herein for the purpose
of giving information about the Freedom Transaction and the
Rogers-Shaw Transaction, their expected timing and their
anticipated benefits. Readers are cautioned that such information
may not be appropriate for other purposes. The completion of the
Freedom Transaction and the Rogers-Shaw Transaction is subject to
certain closing conditions, termination rights and other risks and
uncertainties including, without limitation, regulatory approvals
and clearances. There can be no assurance that such closing
conditions will be satisfied, that such regulatory approvals and
clearances will be obtained or that either the Freedom Transaction
or the Rogers-Shaw Transaction will occur, or that either will
occur on the terms and conditions described herein or previously
announced. The Freedom Transaction and the Rogers-Shaw Transaction
could be modified, restructured or terminated. There can be no
assurance that one or both of the Freedom Transaction or the
Rogers-Shaw Transaction will be acceptable to regulatory
authorities or will be completed in order to permit the other
transaction to be consummated. There can also be no assurance that
the outside date of the Rogers-Shaw Transaction will be further
extended by the parties, or that the outside date of the Freedom
Transaction will be extended by the parties to the extent necessary
to permit closing of either transaction to occur. Finally, there
can be no assurance that the anticipated benefits of either the
Freedom Transaction or the Rogers-Shaw Transaction will be achieved
in the expected timeframes or at all.
All forward-looking statements are made pursuant to the “safe
harbour” provisions of the applicable Canadian and United States
securities laws. None of Rogers, Shaw or Quebecor is under any
obligation (and each of Rogers, Shaw and Quebecor expressly
disclaims any such obligation) to update or alter any statements
containing forward-looking information, the factors or assumptions
underlying them, whether as a result of new information, future
events or otherwise, except as required by law. All of the
forward-looking information in this news release is qualified by
the cautionary statements herein.
About Quebecor Inc. Quebecor, a Canadian
leader in telecommunications, entertainment, news media and
culture, is one of the best-performing integrated communications
companies in the industry. Driven by their determination to deliver
the best possible customer experience, all of Quebecor’s
subsidiaries and brands are differentiated by their high-quality,
multiplatform, convergent products and services.
Québec-based Quebecor (TSX: QBR.A, QBR.B) employs nearly 10,000
people in Canada.
A family business founded in 1950, Quebecor is strongly
committed to the community. Every year, it actively supports more
than 400 organizations in the vital fields of culture, health,
education, the environment and entrepreneurship.
About Rogers Communications Inc.Rogers is a
leading Canadian technology and media company that provides
communications services and entertainment to consumers and
businesses. Rogers shares are publicly traded on the Toronto Stock
Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange
(NYSE: RCI). For more information, please
visit: www.rogers.com or http://investors.rogers.com.
About Shaw Communications Inc.Shaw is a leading
Canadian connectivity company. The Wireline division consists of
Consumer and Business services. Consumer serves residential
customers with broadband Internet, Shaw Go WiFi, video and digital
phone. Business provides business customers with Internet, data,
WiFi, digital phone, and video services. The Wireless division
provides wireless voice and LTE data services. Shaw is traded on
the Toronto and New York stock exchanges and is included in the
S&P/TSX 60 Index (Symbol: TSX - SJR.B, NYSE - SJR, and TSXV -
SJR.A). For more information, please visit www.shaw.ca.
For more information:
Quebecor Inc. media
contactmedias@quebecor.com
Quebecor Inc. investor relations contactHugues
Simard, Chief Financial Officerhugues.simard@quebecor.com
Rogers Communications Inc. media
contact1-844-226-1338media@rci.rogers.com
Rogers Communications Inc. investment community
contactPaul
Carpino647-435-6470paul.carpino@rci.rogers.com
Shaw Communications Inc. media contactChethan
Lakshman, VP, External
Affairs403-930-8448chethan.lakshman@sjrb.ca
Shaw Communications Inc. investment community
contactinvestor.relations@sjrb.ca
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