Corus to buy Shaw Media
Corus Entertainment has entered into an agreement to acquire all of Shaw Media from Shaw Communications. The deal is worth $2.65 billion in cash and Corus stock. It will give Corus ownership of Shaw Media's 45 specialty television channels, 15 conventional television stations, 39 radio stations and digital properties, as well as content studio Nelvana.
"This is a transformational acquisition that redefines Corus and Canada's media landscape," said Doug Murphy, president and CEO of Corus Entertainment. "This game-changing transaction brings together a powerful portfolio of synergistic media assets that will solidify Corus' position as the market leader in the highly valued women, kids and family segments. It will also advance our strategic priorities through investment in content creation for our own platforms, and for global markets. The time is right to unite these two strong media companies. With the addition of Shaw Media, we will have the competitive scale, the brands, the content and the team to accelerate our growth."
Shaw Media's properties include Global Television, Food Network Canada, HGTV Canada, DIY Network Canada, Slice, Lifetime, History Canada, H2, Showcase, National Geographic Canada, Nat Geo Wild Canada, Action, MovieTime, IFC Canada, Global News: BC1, BBC Canada, DejaView, Crime & Investigation, Dtour and FYI.
Corus properties include ABC Spark, Cartoon Network Canada, CMT Canada, Disney Channel Canada, Nickelodeon Canada, Oprah Winfrey Network Canada, Telelatino, Teletoon, Treehouse, W Network, YTV, Historia and Séries+, as well as 39 radio brands including CKNW, Rock 101, Country 105, 630 CHED, Fresh Radio, Jump 106.9, Q107 and 102.1 the Edge.
The deal remains subject to approval by the Canadian Radio-television Telecommunications Commission, as well as Corus' minority shareholders. It is expected to close in the third quarter of 2016.