CORUS ACQUIRES NELVANA
By Adnews Staff
Toronto-based media company Corus Entertainment is buying Nelvana Limited for $540 million. Toronto-based Nelvana is an entertainment company which develops and markets media content for children. Corus' holding include 49 radio stations and specialty, pay TV and conventional television networks. Corus will pay 60% in cash and 40% in shares in the deal which is expected to close by mid-November. Nelvana's co-chief executive officers, Michael Hirsh and Patrick Loubert, and senior executive vice president, Clive Smith, will all remain in their roles.
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