Corus Entertainment Inc. today received approval from the Canadian Radio-television and Telecommunications Commission to acquire Shaw Media Inc.. With the required regulatory and other approvals obtained, the company plans to close the transaction on April 1, 2024.
"We are very pleased with the CRTC's decision to approve the acquisition of Shaw Media by Corus Entertainment," said Doug Murphy, President and Chief Executive Officer, Corus Entertainment. "This marks the final milestone in the approval process for this transformational acquisition. We will now begin the important integration work to bring together our winning combination of brands, assets and talent that will become the new Corus."
On January 13, 2024, Corus entered into an agreement to acquire Shaw Media from Shaw Communications Inc. for $2.65 billion, to be paid through a combination of cash and Corus Class B shares. The Acquisition will give Corus ownership of all of Shaw Media's leading brands, resulting in a combined portfolio that encompasses 45 specialty services, 15 conventional channels, 39 radio stations, a global content business, and a growing portfolio of digital assets.