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Corus Entertainment and Bell Media agree to terminate share purchase agreement for Historia and Séries+

From a media release:

Corus Entertainment Inc. (TSX: CJR.B) (“Corus Entertainment”) today announced that Corus Entertainment and Bell Media Inc. (“Bell Media”) have agreed to terminate their Share Purchase Agreement for French-language specialty channels Historia and Séries+.

As announced on May 28, 2018, the Commissioner of Competition did not approve the sale by Corus Entertainment of these channels to Bell Media.

Corus Entertainment will continue to own and operate Historia and Séries+ and also 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.

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Corus Entertainment provides update on sale of Historia and Séries+ to Bell Media

From a media release:

Corus Entertainment Inc. (TSX: CJR.B) (“Corus Entertainment”) today announced that the Commissioner of Competition has not approved the sale by Corus Entertainment of French-language specialty channels Historia and Séries+ to Bell Media Inc. (“Bell Media”).

At this time, Corus Entertainment and Bell Media are reviewing the Commissioner’s decision, and considering the appropriate course of action.  Corus Entertainment will provide further updates in due course.

In addition to Competition Act approval, completion of the sale remains subject to the approval of the Canadian Radio-television and Telecommunications Commission (the “CRTC”) and other customary closing conditions. The application is currently before the CRTC.

Corus Entertainment also 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.

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 44 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.

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Bell Media to Acquire Séries+ and Historia

From a media release:

Bell Media announced today it has entered into an agreement with Corus Entertainment Inc. (TSX:CJR.B) to acquire French-language specialty channels Séries+ and Historia.

Séries+ is Québec’s most-watched fiction channel, offering popular locally produced drama, including recent successes SUR-VIE and MIRADOR, as well as the best of foreign series. Historia, a Top 10 channel among A25-54, broadcasts a suite of locally produced original content, ranging from award-winning documentaries, popular reality series like LE LOT DU DIABLE, and drama series such as BÉLIVEAU.

Bell Media currently operates 10 French-language TV channels in Québec, including Canal D, Canal Vie, Cinépop, Investigation, RDS, RDS Info, RDS2, Super Écran, Vrak, and Z.

The transaction is subject to approval by the Canadian Radio-television and Telecommunications Commission (CRTC) and the Competition Bureau, and is expected to close in mid-2018.

Caution concerning forward-looking statements
Certain statements made in this news release are forward-looking statements, including, but not limited to, statements relating to the proposed acquisition by Bell Media Inc. (“Bell Media”) of French-language specialty channels Séries+ and Historia, the expected timing of, and certain benefits expected to result from, the proposed transaction, and other statements that are not historical facts. All such forward-looking statements are made pursuant to the “safe harbour” provisions of applicable Canadian securities laws and of the United States Private Securities Litigation Reform Act of 1995.

Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in or implied by such forward-looking statements. As a result, we cannot guarantee that any forward-looking statement will materialize and we caution you against relying on any of these forward-looking statements. The forward-looking statements contained in this news release describe our expectations at the date of this news release and, accordingly, are subject to change after such date. Except as may be required by Canadian securities laws, we do not undertake any obligation to update or revise any forward-looking statements contained in this news release, whether as a result of new information, future events or otherwise. Forward-looking statements are provided herein for the purpose of giving information about the proposed transaction referred to above and its expected impact. Readers are cautioned that such information may not be appropriate for other purposes.

The completion and timing of the proposed transaction are subject to customary closing conditions, termination rights and other risks and uncertainties including, without limitation, approval by the Competition Bureau and the CRTC. Accordingly, there can be no assurance that the proposed transaction will occur, or that it will occur on the terms and conditions, or at the time, contemplated in this news release. The proposed transaction could be modified, restructured or terminated. There can also be no assurance that the benefits expected to result from the proposed transaction will be realized.

 

 

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