Corus Entertainment, the parent company of CKNW, is buying the media division of Shaw Communications for $2.65 billion.
Here is Corus president and CEO Doug Murphy.
“We have a compelling opportunity to gain share in the massive TV ad market. Combined, this portfolio of leading brands delivers the scale to compete, and win.”
Shaw Media includes the Global Television network and 19 specialty channels including HGTV Canada, Food Network Canada and Showcase.
Corus already owns a number of radio stations, including CKNW, other specialty TV channels and the Nelvana animation studio.
Both Corus Entertainment and Shaw Communications are controlled by the Shaw family, through its multiple-voting shares.