Corus Entertainment has purchased Shaw Media for $2.65 billion, the company announced Wednesday.
That means Corus will now own Food Network Canada, Slice, HGTV, and Global News, among others.
“This game-changing transaction brings together a powerful portfolio of synergistic media assets that will solidify Corus’ position as the market leader in the highly valued Women, Kids and Family segments. It will also advance our strategic priorities through investment in content creation for our own platforms, and for global markets,” said Corus CEO Doug Murphy in a statement.
The combined portfolios of Shaw and Corus will result in 45 specialty TV stations, 39 radio stations, and 15 conventional TV stations.
The combined leadership team will be announced as the transaction comes to a close. The transaction will only be completed subject to approval by the Canadian Radio-Television Telecommunications Commission and by Corus’ minority shareholders after a March 2016 meeting.
“We believe these two companies will form a winning combination. Their complementary mix of assets and strong management teams fit extremely well together,” said Shaw Executive Chair JR Shaw in a statement.
“This transaction represents an exciting new chapter and allows us, as a family, to participate in what we see as a very successful future for Corus, one that will support a vibrant Canadian broadcast system.”
Corus Entertainment owns television and radio stations such as Oprah Winfrey Network, CMT, Disney Channel, CKNW AM 980, and Nickelodeon.
Corus reported today first quarter revenue of $228.3 million for 2016.
Shaw Communications recently acquired WIND mobile for $1.6 billion.