Rogers Communications Aims to Simplify Corporate Structure

Press Release - May 16, 2007

Canadian media conglomerate, Rogers Communications Inc., announced earlier this week that it will assume the rights and debt obligations of its Cable TV and Wireless divisions, as part of a larger restructuring effort to simplify the company’s corporate structure.

“These actions are the initial steps in a series of currently planned reorganization steps intended to culminate in the amalgamation of RCI with Cable and Wireless on or about July 1, 2007,” Rogers revealed in a statement. “The amalgamated entity will continue as RCI. Cable and Wireless will no longer be separate corporate entities and will cease to be reporting issuers.”

Rogers Wireless will redeem US$155 million principle worth of debentures that were set to mature in 2016. Bank credit facilities held by the Wireless and Cable businesses will be canceled, and be replaced by a single, consolidated line of credit.