Shaw And Corus Exchange Channels And Cash

^[1]Shaw Media ^[1] today announced it has entered into a number of agreements with Corus Entertainment Inc. ^[2] to strategically optimize its portfolio of specialty channels. In a series of transactions, Shaw has agreed to sell to Corus its interest in ABC Spark, Historia and Series+. Separately, Corus will sell its 20 per cent interest in Food Network Canada to Shaw. As a result of these transactions, Shaw will receive net proceeds of approximately $95 million in cash.

“Shaw Media is home to the most-loved television brands,” said Paul Robertson, President of Shaw Media and Group Vice President, Shaw Communications Inc. “We are continually fine-tuning our portfolio of specialty channels to ensure we connect with audiences and meet the needs and expectations of all our stakeholders.” And yet Shaw will still not offer Investigation Discovery.

Shaw will sell to Corus its 50 per cent interest in the French-language specialty channels, Historia and Series+. In an unrelated transaction, Corus has entered into an agreement with Bell to acquire the remaining 50 per cent interest in the two French language channels. Separately, Shaw will sell to Corus its 49 per cent interest in ABC Spark.

The sale of Historia and Series+ are subject to regulatory approval. The transactions are not conditional on other asset agreements entered into by Corus.