Corus sells Toon Boom Animation
By Derek Winkler
Nelvana, a subsidiary of Corus Entertainment, has entered into an agreement to sell Montreal-based animation software firm Toon Boom Animation to Integrated Media Company, an investment company specializing in digital media. The deal is valued at $147.5 million. The company produces software for 2D animation, storyboarding and pipeline management. It was founded in 1994 and acquired by Corus in 2012. The transaction is expected to close later this year.
“Corus is building a powerful multiplatform business aggregating premium video content,” said Colin Bohm, executive vice-president of content and corporate strategy at Corus. “After an enterprise-wide review of our operating model and asset base, we have decided to exit the animation software business. This move will free up capital, increase Corus' financial flexibility and sharpen our focus as we advance our strategic plan and priorities.”