When Canwest announced it had agreed to sell a controlling stake in the company to Calgary-based Shaw, the speculation began.

In an article titled, “Future uncertain for CanWest’s newspaper chain,” Toronto Star reporters noted that the deal “leaves significant assets of both companies on the sidelines,” including Canwest’s newspapers, which were not a part of the deal, and Shaw’s stake in Corus Entertainment.

A Globe and Mail report called “Why Shaw wants Canwest,” notes that “as industries converge, it is important for telecom companies to be more than just ‘dumb pipes,'” and then compares the outcome of the Shaw deal to models that have worked for both Quebecor and Rogers.

And what about New York investment firm Goldman Sachs? A Financial Post article notes that Goldman, which controls the 13 specialty channels Shaw is acquiring, ultimately “wants the opportunity to flex its muscles and remind the players any successful bid needs its support.”

Freelance journalist and blogger Steve Faguy lists the assets involved and reminds readers that Shaw and Canwest have been rivals in the fee-for-carriage battle and the deal will force “Shaw to prove its point about how conventional television isn’t in need of financial support from cable and satellite companies.”

The Globe‘s Andrew Willis calls it a “dark day for the Asper family” as he lists the “Winners and losers at Canwest.”