From The Globe and Mail:

CanWest Global Communications Corp. has been cleared to acquire rival broadcaster Alliance Atlantis Communications Corp. in a federal ruling that provides a new blueprint for allowing foreign investors into the broadcasting sector.

The Canadian Radio-television and Telecommunications Commission approved CanWest's proposed takeover of Alliance's television assets yesterday, with only minor alterations to the deal.

Some analysts had speculated that CanWest would be forced to pump an extra $110-million into the transaction to bring its equity stake to above 50 per cent, since most of the deal is being financed by U.S. investment bank Goldman Sachs Group Inc.

The assets are being sold for roughly $1.5-billion, but CanWest is putting up just $262-million of its own money while the rest is being financed by Goldman Sachs and through debt.

But when the decision was rendered after markets closed yesterday it contained none of the financial or structural changes that CanWest chief executive officer Leonard Asper warned would potentially imperil the company if they were imposed.

Indeed, Bay Street analysts viewing the decision said it potentially sets a precedent for future broadcasting deals involving significant levels of foreign investment and board influence.