Corus Entertainment President and CEO Doug Murphy said it best: “[it] redefines Canada’s media landscape.”
The company he oversees just completed a $2.65-billion acquisition of Shaw Media, which was formerly part of the Canwest business group and includes Global Television network channels like HGTV Canada, Food Network Canada, and Showcase.
It’s more of a corporate re-shuffle than an exchange of hands, really, given that both companies are controlled by the Shaw family through its voting shares.
Shaw’s interest in exclusively focusing telecom assets is the primary reason for the new structure. In December, Shaw acquired Wind Mobile for $1.6 billion, which left many people speculating about how they were going to finance the deal. The answer, it’s now clear, is $2.65 billion of Corus cash.
Shaw will retain its interest in better-than-decent streaming service Shomi, which it owns as a joint venture with Rogers. Corus, meanwhile, adds some significant clout to the entertainment half of its title.
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