TORONTO, Jan. 6, 2014 /PRNewswire/ - Today, Corus Entertainment Inc. (TSX:CJR.B) announced that the Company closed its acquisition of the specialty television services Historia, Séries+ and the remaining 50% of TELETOON Canada Inc. on January 1, 2014.
"This is an important milestone for the Company as we integrate these new television services into the Corus portfolio," said John Cassaday, President and Chief Executive Officer, Corus Entertainment. "We are excited about the future growth opportunities and look forward to delivering great programming to audiences across multiple platforms."
With these acquisitions, Corus now owns 100% of Historia, Séries+ and TELETOON Canada (which includes TELETOON, TÉLÉTOON, TELETOON Retro, TÉLÉTOON Rétro and Cartoon Network). In April 2013, Corus also consolidated its ownership of ABC Spark and divested its 20% interest in Food Network Canada.
The net cash consideration for these assets is $481 million Cdn. and was paid for with cash on hand and existing bank lines of credit. The overall transaction is valued at a fiscal 2013 EBITDA multiple of 9.4x and will be immediately EPS and Free Cash Flow accretive.
About Corus Entertainment Inc.
Corus Entertainment Inc. is a Canadian-based media and entertainment company that creates, broadcasts and licenses content across a variety of platforms for audiences around the world. The Company's portfolio of multimedia offerings encompasses specialty television and radio with additional assets in pay television, television broadcasting, children's book publishing, children's animation and animation software. Corus' brands include YTV, TELETOON, ABC Spark, W Network, OWN: Oprah Winfrey Network (Canada), HBO Canada, Historia and Séries+, as well as Nelvana, Kids Can Press, Toon Boom and 37 radio stations including CKNW AM 980, 99.3 The FOX, Country 105, 630 CHED, Fresh FM London, Q107 and 102.1 the Edge. A publicly traded company, Corus is listed on the Toronto Stock Exchange (CJR.B). Experience Corus on the web at www.corusent.com.
SOURCE Corus Entertainment Inc.