Corus to buy several media properties from Bell, Shaw
Corus Entertainment has entered into a series of agreements with Bell and with Shaw Media to acquire a number of media properties. Corus has reached an agreement with Bell to acquire the 50% remaining ownership interest in specialty television channel Teletoon, as well as two Ottawa-based radio stations, The Bear 106.9 and Boom 99.7, which Bell is set to gain from Astral Media. Corus has also reached an agreement with Bell and Shaw Media to acquire each of their 50% interests in French-language specialty channels Historia and Séries+. In a third transaction, Corus has agreed with Shaw Media to acquire the remaining 49% interest in specialty television channel ABC Spark. As part of this agreement, Corus will sell its 20% interest in Food Network Canada to Shaw. According to Corus, the combined price for these assets is $494 million. "These transactions represent a transformative opportunity for Corus," said John Cassaday, president and CEO of Corus Entertainment. "The consolidation of Teletoon and the addition of the popular services Historia and Séries+ give Corus the scale to expand into the growing French-language specialty television market."