CALGARY, Alberta, March 05, 2020 (GLOBE NEWSWIRE) -- Shaw Communications Inc. today said the announcement by Minister of Innovation, Science and Industry Hon. Navdeep Bains to reserve a portion of the upcoming 3500 MHz spectrum auction for bidding only by regional telecom providers is a critical step toward advancing competition in the wireless market.
Minister Bains said earlier today that the upcoming spectrum auction will include a 50 MHz set-aside in certain areas that will enable regional providers like Shaw’s Freedom Mobile to bid on 3500 MHz spectrum, which is foundational for the deployment of 5G in Canada.
“Today’s decision by Minister Bains reflects the success that Freedom Mobile and other regional providers have had in creating truly effective wireless competition across Canada,” said Brad Shaw, CEO of Shaw Communications.
“Setting aside a portion of the 3500 MHz spectrum for regional providers is one of several critical elements to ensuring disruptive wireless competition in Canada can be sustained and strengthened in the 5G era,” Mr. Shaw said. “That said, the Canadian wireless industry faces several regulatory uncertainties that will equally impact the health of competition in the market. There are important regulatory decisions ahead that will affect our industry, and the government and our regulator need to continue making decisions that will maintain a dynamic and competitive wireless market.”
“The Minister has rightly identified pro-competitive spectrum policy as a vital tool to building sustainable long-term wireless competition. However, regional facilities-based providers can only continue to invest billions of dollars in spectrum and competitive networks that provide Canadians with affordable alternatives to the Big 3 carriers if there is a predictable, stable, and supportive regulatory environment,” Mr. Shaw said.
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 through an expanding and improving mobile wireless network infrastructure.
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, SJR.PR.A, SJR.PR.B, NYSE - SJR, and TSXV - SJR.A). For more information, please visit www.shaw.ca.
Caution Regarding Forward-Looking Statements
Statements included in this news release that are not historic constitute forward looking statements within the meaning of applicable securities laws. Such statements include, but are not limited to: statements related to Shaw’s ability to acquire any 3500 MHz wireless spectrum in the upcoming auction; statements related to the amount of the set-aside of a portion of the 3500 MHz spectrum available for bidding only by regional telecom providers, and statements related to the set-aside leading to increased competition that can be sustained and strengthened in the 5G era. These statements are based on assumptions made by Shaw that it believes are appropriate and reasonable in the circumstances, including without limitation, there is no significant market disruption or other significant changes in economic conditions, competition or regulation (and its impact or projected impact on the Shaw’s business); and there is no significant changes to industry structure, conditions, and stability. Undue reliance should not be placed on any forward-looking statement. Many factors, including those not within Shaw's control, may cause actual results to be materially different from the views expressed or implied by such forward-looking statements, including but not limited to: general economic, market and business conditions; changes in the competitive environment in the markets in which Shaw operates and from the development of new markets for emerging technologies; industry trends, technological developments, and other changing conditions in the entertainment, information and communications industries; Shaw's ability to execute its strategic plans and capital projects; Shaw's ability to close any transactions; Shaw's ability to achieve cost efficiencies; technology, cyber security and reputational risks; opportunities that may be presented to and pursued by Shaw; changes in laws, regulations and decisions by regulators that affect Shaw or the markets in which it operates; Shaw's status as a holding company with separate operating subsidiaries; and other factors described in Shaw's 2019 Annual Report under the heading "Known events, trends, risks and uncertainties."
The foregoing is not an exhaustive list of all possible factors. Should one or more of these risks materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein. Any forward-looking statements contained herein speak only as of the date of this news release. Except as required by law, Shaw disclaims any obligation to update any forward-looking statement.
For media inquiries, please contact:
Shaw Communications Inc.
Chethan Lakshman, VP, External Affairs