Corus Entertainment to Buy Shaw Media For $1.9B

Corus Entertainment Inc.will acquire Shaw Media Inc. from Shaw Communications Inc. for C$2.65 billion ($1.9 billion), according to a Wednesday announcement. Shaw Media includes the conventional television network, Global Television, and 19 specialty channels, including HGTV Canada and Food Network Canada. As for Toronto-headquartered Corus Entertainment, its TV brands include the Canadian versions of Disney Channel, OWN: Oprah Winfrey Network, Nickelodeon and others. In addition, Corus has 39 radio brands and also owns an animation production company, among others. As The Deal's Chris Nolter notes, Shaw and Corus have history. Shaw Communications spun off Corus in 1999, and the family of Shaw CEO Brad Shaw has voting control of both companies. In Wednesday's announcement, Corus president and CEO Doug Murphy described the purchase of Shaw Media as a game-changing transaction that '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.'