Canada’s Corus Entertainment has convened a special meeting at which shareholders will vote on its proposed C$2.65 billion (US$1.91 billion) acquisition of Shaw Communications’ media assets.
Toronto-listed Corus announced its intention to buy Shaw Media in January, but the deal still need the thumbs up from shareholders.
Announcing the special meeting, Corus urged stockholders to approve the ‘transformational acquisition’, which it said would allow for C$40 million-C$50 million of cost savings within two years.
It said it also expected to be able to pay shareholders a dividend in line with what they currently receive.
The proposed Shaw deal needs majority approval to move ahead. The meeting will be held in Corus’ Toronto HQ on March 9.
If approved Corus will own 45 specialty TV channels, 39 radio channels, content studio Nelvana and 15 “conventional” TV networks. It will also own and operate the Global Television channel, which is popular with mainstream audiences.
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15th February 2019