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Wed, Jan. 13, 9:09 AM
- Shaw Communications (NYSE:SJR) is up 15% premarket on news that Corus Entertainment (OTCPK:CJREF) has a deal to buy Shaw Media for C$2.65B (about $1.86B).
- Corus was originally formed from a split of media assets from Shaw in 1999. It will pay some C$1.85B in cash and the rest in class B shares.
- Shaw Media's channels, including Food Network Canada, History Television, National Geographic Canada, Nat Geo Wild Canada and DIY Network Canada, will boost Corus in segments tied to women, children and family. The result will be a "combined portfolio with significant scale, including 45 specialty television channels, 39 radio stations, digital assets, the content studio, Nelvana, and 15 conventional television stations."
- It's expected to close in Q3 and be immediately accretive to EPS and free cash flow per share.