TORONTO/NEW YORK, July 10 (Reuters) - Canada’s Rogers Communications has put its The Shopping Channel up for sale and received interest from foreign buyers for the television asset that may fetch over C$300 million ($237 million), according to three sources familiar with the matter.
The move fits into a refreshed strategy at Rogers, which hired a chief executive with a reputation as a turnaround artist in late 2013, as it tries to shake up its corporate culture and stem declines in its wireless and cable divisions, the company’s biggest sources of revenue.
Rogers, which started the process about six weeks ago, has received the first round of bids and is currently lining up second round bids, the sources said. U.S. and European buyers have shown interest.
$1 = 1.2652 Canadian dollars Additional reporting by Alastair Sharp and Euan Rocha in Toronto; Editing by Grant McCool