Corus to Sell Toon Boom Animation

Corus Entertainment’s Nelvana has entered into a definitive agreement to sell the animation software company Toon Boom Animation to Integrated Media Company (IMC) for approximately C$147.5 million ($112 million) in cash.

Toon Boom’s software is the global standard for 2D animation, storyboarding and pipeline management. It provides the artistic freedom to create in any style and efficiently publish anywhere, as well as providing real-time management for animated projects. Corus purchased a 50 percent interest in Toon Boom in 2004 and acquired the remaining 50 percent in 2012.

“Corus is building a powerful multiplatform business aggregating premium video content,” said Colin Bohm, executive VP of content and corporate strategy at Corus Entertainment. “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.”

“Toon Boom and its exceptional team have built a leading solution for content creators the world over,” continued Bohm. “We appreciate their contributions to the Corus content portfolio and will work closely with IMC to support a smooth transition.”

“Toon Boom empowers creators of all types to bring their stories to life through a versatile platform that offers powerful storyboarding, extensive animation capabilities, and tools for streamlining the production process,” said Yuning Zhang, who led the transaction for IMC. “With a best-in-class product, Toon Boom has established itself as an innovative market leader with a best-in-class product suite. Its exceptional tools are trusted by both large and small creative teams, as well as educational institutions shaping the next generation of talent. We are excited to collaborate with the team at Toon Boom to expand their platform into new markets and to introduce ground-breaking products.”