TORONTO, March 18, 2013 /PRNewswire/ - On Friday, March 15, Corus Entertainment Inc. (TSX: CJR.B) received clearance from the Competition Bureau, with the issuance of the appropriate no action letter, to proceed with the transactions between Corus and Bell. Pursuant to these transactions, Corus will acquire the 50% remaining ownership interest in TELETOON which includes the services TELETOON, Télétoon (French), TELETOON Retro, Télétoon Rétro (French) and Cartoon Network (Canada), as well as the 50% ownership interests in the French-language specialty channels, Historia and Séries+, that Bell will acquire as part of the acquisition of Astral Media Inc.
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% interest in Historia and Séries+, which will result in both services being wholly owned by Corus. All of the foregoing transactions require approval by the Canadian Radio-television and Telecommunications Commission (CRTC).
Corus will also acquire from Shaw Media the remaining 49% interest in the successful specialty service ABC Spark and Corus will sell its 20% 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, President and Chief Executive Officer, 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."
About Corus Entertainment Inc.
Corus Entertainment Inc. is a Canadian-based media and entertainment company. Corus is a market leader in specialty television and radio with additional assets in pay television, television broadcasting, children's book publishing and children's animation. The Company's multimedia entertainment brands include YTV, Treehouse, Nickelodeon (Canada), ABC Spark, W Network, OWN: Oprah Winfrey Network (Canada), CosmoTV, Sundance Channel (Canada), Movie Central, HBO Canada, Nelvana, Kids Can Press, Toon Boom and 37 radio stations including CKNW AM 980, 99.3 The FOX, Country 105, 630 CHED, Q107 and 102.1 the Edge. Corus creates engaging branded entertainment experiences for its audiences across multiple platforms. A publicly traded company, Corus is listed on the Toronto Stock Exchange (CJR.B). Experience Corus on the web at www.corusent.com.
This press release contains forward‐looking information and should be read subject to the following cautionary language:
To the extent any statements made in this report contain information that is not historical, these statements are forward‐looking statements and may be forward‐looking information within the meaning of applicable securities laws (collectively, "forward‐looking statements"). These forward‐looking statements related to, among other things, our objectives, goals, strategies, intentions, plans, estimates and outlook, including advertising, distribution, merchandise and subscription revenues, operating costs and tariffs, taxes and fees, and can generally be identified by the use of the words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward‐looking statements. Although Corus believes that the expectations reflected in such forward‐looking statements are reasonable, such statements involve risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward‐looking statements, including without limitation factors and assumptions regarding advertising, distribution, merchandise and subscription revenues, operating costs and tariffs, taxes and fees and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from these expectations include, among other things: our ability to attract and retain advertising revenues; audience acceptance of our television programs and cable networks; our ability to recoup production costs, the availability of tax credits and the existence of co‐production treaties; our ability to compete in any of the industries in which we do business; the opportunities (or lack thereof) that may be presented to and pursued by us; conditions in the entertainment, information and communications industries and technological developments therein; changes in laws or regulations or the interpretation or application of those laws and regulations; our ability to integrate and realize anticipated benefits from our acquisitions and to effectively manage our growth; our ability to successfully defend ourselves against litigation matters arising out of the ordinary course of business; and changes in accounting standards. Additional information about these factors and about the material assumptions underlying such forward‐looking statements may be found in our Annual Information Form. Corus cautions that the foregoing list of important factors that may affect future results is not exhaustive.
When relying on our forward‐looking statements to make decisions with respect to Corus, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Unless otherwise required by applicable securities laws, we disclaim any intention or obligation to publicly update or revise any forward looking statements whether as a result of new information, events or circumstances that arise after the date thereof or otherwise.
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SOURCE Corus Entertainment Inc.