Corus gets greenlight to buy remaining 50% of Teletoon from Astral
March 18, 2013 | Canadian Press | Comments
Corus Entertainment Inc. says the Competition Bureau has cleared it to buy the remaining half of Teletoon and other specialty TV interests from Astral Media Inc.
The asset sale was a condition of the Competition Bureau’s approval of Astral’s takeover by BCE Inc., a $3.38-billion deal that would combine two of Canada’s largest television and radio businesses.
Toronto-based Corus – which has been Astral’s partner in several specialty channels – has conditionally agreed to buy the remaining 50% of Teletoon, which includes the main channel, Teletoon Retro, their two French-language counterparts as well as the Cartoon Network (Canada).
Corus played a key role in helping Bell and Astral get Competition Bureau approval for their friendly deal by agreeing to $494 million in acquisitions.
They include the French language channels Historia and Series+, currently owned 50-50 by BCE and Shaw Media, a division of Shaw Communications.
The various transactions also require approvals from the Canadian Radio-television and Telecommunications Commission.