Corus Moves Closer to TELETOON Acquisition

TORONTO: The Canadian Competition Bureau has given its approval for Corus Entertainment to proceed with its transactions with Bell to acquire the remaining 50-percent ownership interest in TELETOON.

This includes taking over full ownership for TELETOON, TELETOON Retro, Cartoon Network Canada and the French-language Télétoon and Télétoon Rétro. Corus has also entered into an agreement with Bell to acquire the two Ottawa radio stations, CKQB-FM and CJOT-FM, that Bell will own upon the completion of the Astral transaction. In separate agreements between Corus and Shaw Media, Corus will acquire Shaw Media’s 50-percent interest in Historia and Séries+, which will result in both services being wholly owned by Corus. Corus will also acquire from Shaw Media the remaining 49-percent interest in the successful specialty service ABC Spark and Corus will sell its 20-percent interest in Food Network Canada to Shaw Media.

"Clearance from the Competition Bureau is very positive news and is the first step in the completion of these transformational transactions for Corus,” said John Cassaday, the president and CEO of Corus Entertainment. “These acquisitions give Corus the scale to expand into the growing French-language television market, providing greater diversity and more choice in the system. As well, it consolidates the ownership of TELETOON and ABC Spark within Corus’ portfolio of branded specialty channels and provides entry into another major Canadian radio market.”