TORONTO, Oct. 17, 2017 /CNW/ - Corus Entertainment Inc. (TSX: CJR.B) today announced it has reached an agreement to sell French-language specialty channels Historia and Séries+ to Bell Media. The total value of the transaction is approximately $200 million CDN and is subject to customary price adjustments upon closing. The sale is pending approval by the Canadian Radio-television and Telecommunications Commission and the Competition Bureau.
"In the 18 months since Corus acquired Shaw Media, we have demonstrated a resolute commitment to de-lever our balance sheet to 3.5 times net debt to segment profit by the end of fiscal 2017 and 3.0 times by the end of fiscal 2018," said Doug Murphy, President and Chief Executive Officer. "We have successfully accomplished the first step in our journey through the disciplined execution of our integration plan and ongoing advancement of our strategic priorities in fiscal 2017. As we reviewed our portfolio of assets this year, we determined that while Historia and Séries+ are excellent channels, they are not core to advancing Corus' strategic priorities at this time. Furthermore, the increased financial flexibility this transaction provides will enable Corus to accelerate our transformation into an industry-leading integrated media and content company."
Corus Entertainment remains an active contributor to the Quebec broadcast and production community with Global Montreal, Télétoon and La chaîne Disney, as well as Toon Boom, its animation software company. Corus Entertainment will continue to own and operate Historia and Séries+ until the transaction closes.
A conference call with Corus' senior management to discuss the company's Q4 and year-end results as well as this transaction is scheduled for Wednesday, Oct. 18 at 8 a.m. ET / 7 a.m. CT / 6 a.m. MT/ 5 a.m. PT. While this call is directed at analysts and investors, members of the media are welcome to listen in. The dial-in number for the conference call is 1.800.901.3958 (toll-free North America) or 416.981.9006 (local or international). This conference call will also be available through a live webcast on the Corus Entertainment website, corusent.com, in the Investor Relations section. PowerPoint slides will also be posted 15 minutes prior to the start of the call and can be found on the Corus Entertainment website at corusent.com in the Investor Relations section.
About Corus Entertainment Inc.
Corus Entertainment Inc. (TSX: CJR.B) is a leading media and content company that creates and delivers high quality brands and content across platforms for audiences around the world. The company's portfolio of multimedia offerings encompasses 45 specialty television services, 39 radio stations, 15 conventional television stations, a global content business, digital assets, live events, children's book publishing, animation software, technology and media services. Corus' roster of premium brands includes Global Television, W Network, OWN: Oprah Winfrey Network Canada, HGTV Canada, Food Network Canada, HISTORY®, Showcase, National Geographic Channel, Q107, CKNW, Fresh Radio, Disney Channel Canada, YTV and Nickelodeon Canada. Visit Corus at www.corusent.com.
SOURCE Corus Entertainment Inc.
For further information: please contact: Dervla Kelly, Vice President, Communications, Corus Entertainment, [email protected], 416.934.7121