Moffat sells WTN to Corus for $205 million
Moffat Communications Ltd. has agreed to sell the Women's Television Network (WTN) specialty channel for $205 million to Corus Entertainment Inc.
In January, Moffat agreed to a $1.2-billion takeover by Shaw Communications of Calgary, pending federal approval.
Corus also announced it has sold its 50 per cent interest in The Family Channel for cash to Astral Media for $126.9 million.
"We are delighted to have acquired the Women's Television Network," said John Cassaday, president and chief executive officer of Corus Entertainment. "WTN provides Corus with access to a growing genre in specialty television - women's programming. A similarly positioned service in the U.S. is now a market leader in prime time. We're confident that WTN has equal potential to assume that leadership position in Canada."
"WTN will also provide Corus with significant critical mass in the important female demographic, something that is highly attractive to Canadian advertisers," explains Heather Shaw, executive chair of Corus Entertainment. "If the CRTC approves the transaction, Corus will be in a position to develop expertise in women's programming while remaining focused on one of our core business interests, specialty television."
Corus hopes to complete the above-mentioned transactions by the fall.
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