Canwest also bought broadcasting assets internationally, including outlets in New Zealand, the Republic of Ireland, and Australia, although all were eventually sold off.

Lacking a presence in Alberta, the company set its sights on Western International Communications, which owned three independent stations in that province that carried Global programming.

Later that year, Canwest announced its acquisition of the Southam newspaper chain from Conrad Black, in order to pursue a media convergence strategy.

[4] By early 2009, it became clear the company's debt was not manageable in light of the global economic crisis, forcing Canwest into an extended set of negotiations with its lenders and a series of cost-cutting moves.

On September 24, the company announced that it would sell its 50.1% stake in Ten Network Holdings for A$680 million,[5] in order to pay down its significant debt.

In court documents, Goldman Sachs alleges "fraudulent" and "abusive" changes to the internal operation of Canwest in the days before it filed for creditor protection.

[6] On October 6, the company voluntarily filed for creditor protection under the CCAA, due to C$4 billion mounting debt across radio, television broadcasting and publishing assets in several countries.

[7] At the same time it announced it had agreed to a recapitalization transaction with some of its lenders, which will likely require the approval of the Canadian Radio-television and Telecommunications Commission (CRTC).

Several sources say that as CanWest notes increased fivefold in price, distressed-debt funds took profits on part of their position, with Angelo Gordon among the buyers.

[10] On February 3, 2010,[11] it was reported that a group led by Golden Tree Asset Management LP complained that "it was unfairly frozen out of the auction of Canwest Limited Partnership."

Specialty channels operated in partnership with other companies (such as TVtropolis, Mystery TV, MenTV, and the former Alliance Atlantis properties) are also not included in the present filing.

Nevertheless, some analysts expected that the conglomerate would sell assets or be broken up entirely as the restructuring process continues, noting that the publishing division has a separate set of lenders.

[13] On February 25, 2010, it was announced that Shaw Communications had won a court battle to continue their plans to purchase assets & voting shares from Canwest.

After the announcement, Shaw revealed that its investment amounted to a minimum of $95-million in exchange for 20 per cent of the equity and an 80-per-cent voting interest in the restructured company.

[15] This deal was later modified following a second court ordered mediation to include a settlement agreement between Shaw, creditors, and the Official Ad Hoc Committee of Shareholders, led by the Aspers, Blott Asset Management, L.L.C.

[22] On May 12, 2011, Shaw Media sold BBC Kids to the government of British Columbia via the provincial public broadcaster Knowledge Network.

Since both companies shared a common owner in JR Shaw, the CRTC legally considered the transaction to be a corporate reorganization, and thus exempted it from tangible benefits rules and concentration of media ownership scrutiny.