Rogers to buy Mountain Cable, license wireless spectrum from Shaw for $710 million

Reuters is chiming in this evening with word that Canadian telco Rogers is ready to spend $710 million ($700 million in Canuck cash) to buy Mountain Cablevision Limited and license wireless spectrum from cable giant Shaw Communications. If Rogers sees fit, it can even buy up spectrum licenses from Shaw in Alberta, British Columbia, Manitoba, Northern Ontario and Saskatchewan thanks to the deal. Cable channel TVtropolis, which is jointly owned by Shaw and Rogers, will see the remainder of its Rogers-owned stake bought up by Shaw for roughly 59 million Canadian dollars. There's no word on when the deals will be finalized, but you can expect to hear Rogers and Shaw give themselves hearty pats on the back when they get rubber-stamped.

Update: Eagle-eyed commenters have pointed out that it's Shaw which will buy the remaining steak in TVtropolis it doesn't own, not Rogers. We've updated the post accordingly.