Shaw Communications agreed to sell its wholly owned broadcasting subsidiary, Shaw Media, to Corus Entertainment for C$2.65 billion. The deal includes Shaw Media’s conventional television network, Global Television, and 19 specialty channels, including HGTV Canada, Food Network Canada, History Television and Showcase.
“This transaction represents a significant milestone for Shaw, firmly positioning the company as a leading pure-play connectivity provider with an attractive growth profile while allowing Shaw to participate in the significant upside potential resulting from the combination of Shaw Media and Corus,” said Chief Executive Officer, Brad Shaw. “With the previously announced acquisition of WIND and sale of Shaw Media, Shaw will be focused on delivering consumer and small business broadband communications supported by its best-in-class wireline, WiFi and wireless infrastructure. In combination, these transactions will also enhance Shaw’s growth profile, with approximately 25% of total revenue derived from growth services1.”
