In a deal that marries a cable giant with one of Canada’s biggest entertainment content providers, Shaw Communications has proposed to acquire a major stake in a rebooted Canwest Global Communications with an undisclosed investment.

The proposed deal, which awaits creditor, court and CRTC approval, would see Shaw acquire at least 20% of Canwest’s equity and 80% of its voting stock.

Shaw said its equity stake will likely exceed 20% after U.S. bondholders and other creditors decide whether to take cash rather than shares in a restructured Canwest.

Shaw emerged on top in a solicitation process led by RBC Capital Markets to find a Canadian ‘preferred equity investor’ to make a minimum $65 million investment in Canwest, though Shaw is said to have put up as little as $60 million.

Thomas Weisel Partners analyst Ben Mogil in an investors note also predicted Shaw offshoot Corus Entertainment will acquire the 35% stake in the former Alliance Atlantis channels.

For its part, Shaw will get the front-door keys to Global Television, specialty channels like MovieTime, DejaView and Fox Sports World, and a 35% stake in the 13 specialty channels operated in partnership with Goldman Sachs & Co. The deal echoes Comcast’s recent takeover of NBC in that Shaw will gain access to rich media content and control of its flow to broadcast and online platforms.

‘We are excited about the investment and gaining effective control of one of the premier broadcasters and owners of content in the Canadian broadcasting industry at a reasonable valuation,’ Shaw Communications CEO Jim Shaw said Friday in a statement.

Canwest Global board chairman Derek Burney said his company welcomed ‘the firm investment commitment’ from Shaw.

The deal does not include Canwest Global’s print division, which is currently being auctioned off.

To secure CRTC approval, Shaw has promised Global Television will operate as an independent company with its own board, much as it did when it spun off Corus.

CFTPA president and CEO Norm Bolen said Friday it is crucial that Corus operates separately from Canwest to preserve ‘diversity’ in the broadcast sector.

There are other hurdles to overcome. Canwest cautions that the Shaw investment is but one milestone required before it can emerge from creditor protection. Others include resolving all outstanding debtor claims against holding company Canwest Media Inc., and securing creditor, CRTC and court approval for the overall restructuring plan. Canwest also notes that any or all of the remaining milestones could impact the financial restructuring plan and the company’s final ownership structure.

Still, the Shaw deal elicited a sigh of relief industry-wide.

‘This is good for Canwest,’ said ACTRA national executive director Stephen Waddell. ‘This indicates a confidence that Jim Shaw has in broadcasting and in the future of broadcasting, notwithstanding his criticism of the broadcasters in the past.’

The CFTPA’s Bolen echoed the hope that Shaw’s investment will help restore ‘financial stability’ for Canwest Global as indie producers face continuing difficulty funding projects with the beleaguered broadcaster.

The Shaw investment also means Canada’s big three cable operators, including Rogers Communications and Quebecor Media, now own huge chunks of the Canadian airwaves just as the Canada Media Fund gets set to fund broadcaster-affiliated production.

Bolen said Shaw should have no difficulty distinguishing between its role helping underwrite the CMF and seeing Global and its specialties tap its subsidies.

‘From a broadcaster standpoint, they [Shaw] need the Fund to fund their shows to complete their obligations,’ he said.