TORONTO, June 14, 2011 /CNW/ - Corus Entertainment Inc. (TSX: CJR.B) today announced that the Toronto Stock Exchange ("TSX") has
accepted the notice filed by Corus of its intention to make a Normal
Course Issuer Bid for its Class B Non-Voting Participating Shares
through the facilities of the TSX, or any other alternative Canadian
Pursuant to the terms of its Normal Course Issuer Bid, Corus may, during
the 12-month period commencing June 16, 2011 and ending June 15, 2012,
purchase for cancellation up to a total of 3,900,000 Class B Non-Voting Participating Shares, which represent approximately
5% of the Issued and Outstanding Class B Non-Voting Participating Shares as at May 31, 2011. Daily
purchases will be limited to 32,403 Class B Non-Voting Participating
Shares, other than block purchase exceptions. The price that Corus will
pay for shares purchased pursuant to the bid will be the market price
at the time of acquisition.
Corus believes that its Class B Non-Voting Participating Shares have
been trading in a price range which may not fully reflect the value of
these shares. As a result, the Company believes that its outstanding
Class B Non-Voting Participating Shares represent an attractive
investment to Corus.
As at May 31, 2011, there were 78,929,367 Class B Non-Voting
Participating Shares outstanding.
Corus Entertainment Inc. reports in Canadian dollars.
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), W Network, OWN: Oprah Winfrey Network (Canada), CosmoTV,
Sundance Channel (Canada), Movie Central, HBO Canada, Nelvana, Kids Can
Press and 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.
SOURCE Corus Entertainment Inc.
For further information:
Tom Peddie, FCA
Executive Vice President and Chief Financial Officer
Corus Entertainment Inc.