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ARTICLE · 15 FEBRUARY 2016

Corus Entertainment To Acquire Shaw Media In Transformational Acquisition

Borden Ladner Gervais LLP
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On January 13, 2016, Corus Entertainment Inc. has entered into an agreement to acquire all of Shaw Media Inc. from Shaw Communications Inc. for C$2.65 billion to be paid through a combination of cash and Corus Class B shares.

CanadaCorporate/Commercial Law
Frank Callaghan
Frank Callaghan
Philippe Tardif
Philippe Tardif
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Date Announced: January 13, 2016
Value: C$2.65 billion

On January 13, 2016, Corus Entertainment Inc. has entered into an agreement to acquire all of Shaw Media Inc. from Shaw Communications Inc. (SCI) for C$2.65 billion to be paid through a combination of cash and Corus Class B shares. The transaction will give Corus ownership of all of Shaw Media's leading brands, resulting in a combined portfolio with significant scale, including 45 specialty television channels, 39 radio stations, digital assets, the content studio, Nelvana and 15 conventional television stations.

On a fiscal 2015 basis, Corus and Shaw Media combined generated about C$1.9-billion in revenue, about C$619-million in adjusted earnings before interest, taxes, depreciation and amortization, and about C$430-million of free cash flow. The transaction is expected to generate C$40-million to C$50-million of annual cost synergies to be realized within 24 months, in addition to significant

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