|Traded as||TSX: CJR.B
OTC Pink: CJREF
|Founded||Toronto, Ontario (1999)|
|Key people||John M. Cassaday
President / CEO
|Products||Broadcasting, Advertising, Publishing, Television production|
|Revenue||$768.7 million CAD|
Corus Entertainment Inc. is a publicly traded Canadian media and entertainment conglomerate.
Corus is a leading Canadian specialty television and radio producer, with additional assets in pay television, advertising services, television broadcasting, children's book publishing and children's animation. The company’s multimedia entertainment brands include YTV, Treehouse TV, W Network, Movie Central, CMT, Teletoon, Encore Avenue, Nelvana, Nickelodeon, and Kids Can Press.
Their radio division includes radio stations in major markets like Toronto, Ontario; Winnipeg, Manitoba; Edmonton and Calgary in Alberta; and Vancouver, British Columbia. Corus owns 50 radio stations in Canada, and is Canada's fourth largest radio broadcaster, behind Astral Media, Newcap Broadcasting and Rogers Media. It was the largest owner of radio stations in Canada until 2007, when Astral Media acquired Standard Radio from Standard Broadcasting (now Slaight Communications).
Corus Entertainment's voting majority is held by the company's founder James Shaw and his family, which also owns cable operator and media group Shaw Communications Inc. (Shaw Cable, Shaw Broadcast Services, and Shaw Media), from which Corus was spun off in 1999.
Shaw and Corus both continue to be controlled by the Shaw family, and as a result, media reports have sometimes erroneously referred to Corus as a subsidiary of Shaw. In fact, Shaw and Corus are independent, publicly traded companies, with separate management teams and separate boards of directors.
Nonetheless, some reports indicate that the two companies continue to have a close relationship. For several years, Corus managed advertising operations (such as TV listings channels) for Shaw's cable systems, although this operation has since been discontinued. Executives have also occasionally moved between the two companies, with former Corus Television president Paul Robertson joining Shaw to head Shaw Media (the former Canwest broadcasting operations) in 2010.
Following Shaw's acquisition of Canwest's TV assets, the two companies have incidentally become partners in certain channels including Dusk and Food Network Canada. Otherwise, there is presently no connection or common programming between Corus's conventional and specialty television operations and those of Shaw Media. For example, Corus owns three over-the-air TV stations, all currently CBC affiliates, and there is presently no indication of those stations switching to the Shaw-owned Global network.
However, due to its connections to Shaw, Corus Entertainment is still considered to be a related company to Shaw in regards to the CRTC's "3:1 rule", which requires service providers to carry three channels from other broadcasters for each service they carry that is owned by a company related to the service provider.
On April 30, 2010, it was announced that all Corus Québec stations, with the exception of CKRS, would be sold to Cogeco for $80 million, pending CRTC approval. Corus's reason for the sale is that their Quebec radio stations are less profitable than their stations in other parts of Canada. However, Cogeco must either apply with the CRTC for an exemption from the common ownership policy, or sell off some of these (or their own) stations as they will be over the maximum allowable number of stations in Montreal, Quebec City, and Sherbrooke. On June 25, it was reported that Corus had agreed to sell CKRS to Radio Saguenay, a local business group.
The sale of the Corus Québec stations was approved by the CRTC on December 17, 2010, on the condition that Cogeco-owned CJEC-FM and Corus-owned CFEL-FM and CKOY-FM be sold to another party by December 2011. On January 13, 2011, competing broadcaster Astral Media announced that they would seek legal action to stop the sale of these stations to Cogeco, citing the fact that it would own more stations than Astral in the Montreal market, making the competition unfair.
In March 2013, as part of Bell Canada's proposed acquisition of Astral Media, Corus reached a tentative deal to acquire Astral's stakes in Historia, Séries+, and the Teletoon networks, along with several radio stations, for $400.6 million. This aspect of the deal, intended to quell concerns from the CRTC regarding Bell's total market share after the merger, was approved by the Competition Bureau on March 18, 2013. In an unrelated deal, Corus also announced that it would acquire Shaw Media's stakes in ABC Spark, Historia, and Séries+ in exchange for cash and its minority stake in Food Network Canada. In the case of Historia and Séries+, if both the Astral and Shaw deals are approved, Corus will gain full ownership of the networks. Corus has indicated that as a whole, these acquisitions are intended to expand its operations in the competitive Quebec market. Corus also plans to open a new office in Montreal following the acquisitions.
Current members of the board of directors of Corus Entertainment are: Fernand Bélisle, John Cassaday, Dennis Erker, Carolyn Hursh, Wendy Leaney, Susan Mey, Ronald Rogers, Cathy Roozen, Terrance Royer, Julie Shaw, and Heather Shaw.
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