Corus finalizes Toom Boom sale
By Rob Bale
Corus Entertainment of Toronto has completed the sale of its Montreal-based Toon Boom Animation subsidiary to Integrated Media Company, an investment company specializing in digital media. The deal is valued at $142 million. Toon Boom produces software for 2D animation, storyboarding and pipeline management. It was founded in 1994 and acquired by Corus in 2012.
“The closing of this transaction is a purposeful step towards streamlining our operating model and rationalizing our asset base as we work to build a powerful multiplatform business aggregating premium video content,” said Doug Murphy, president and CEO of Corus. “The sale of the animation software business will provide additional financial flexibility, with net proceeds allocated towards the repayment of bank debt. We remain focused on advancing our strategic plan and its priorities to strengthen our value proposition in the evolving media landscape.”