One of Canada's largest TV networks is about to get even bigger. Corus Entertainment is in the process of buying Shaw Communication's media division in a deal worth $1.86 billion, according to Reuters. This deal brings the two companies together once more, as Shaw Communications once had media assets that were a part of Corus Entertainment until 1999.
Channels owned by Shaw Media include HGTV Canada, Food Network Canada, Showcase, the Global Television Network and 19 other specialty channels, reported CTV News. Corus Entertainment also has a long list of specialty channels, making this deal a big one for the cable network industry in Canada.
"This is a transformational acquisition that redefines Corus and Canada's media landscape," said Doug Murphy, CEO and president of Corus Entertainment, according to the Hollywood Reporter.
J.R. Shaw, executive chair of Shaw Communication, added: "This transaction represents an exciting new chapter and allows us, as a family, to participate in what we see as very successful for Corus, one that will support a vibrant Canadian broadcast system."
The deal is expected to be finalized by the end of the third quarter, raising the value of Corus Entertainment and changing the atmosphere of Canadian media.
