Business
CORUS ENTERTAINMENT COMPLETES SALE OF ANIMATION SOFTWARE BUSINESS TO INTEGRATED MEDIA COMPANY
CORUS ENTERTAINMENT COMPLETES SALE OF ANIMATION SOFTWARE BUSINESS TO INTEGRATED MEDIA COMPANY ...
About this update from Corus Entertainment Inc. Class B
[{"type":"text","content":"\n \n \n \n CORUS ENTERTAINMENT COMPLETES SALE OF ANIMATION SOFTWARE BUSINESS TO INTEGRATED MEDIA COMPANY\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n Aug. 24, 2023\n \n \n /CNW/ - Corus Entertainment Inc. (\"Corus\" or the \"Company\") (TSX: CJR.B) today announced the completion of its sale of Toon Boom Animation Inc. (\"Toon Boom\"), an Emmy\n \n ®\n \n award-winning\n \n Montreal\n \n -based animation software company, to Integrated Media Company (\"IMC\"), a TPG platform dedicated to the new media ecosystem.\n \n \n \"The closing of this transaction is a purposeful step towards streamlining our operating model and rationalizing our asset base as we work to build a powerful multiplatform business aggregating premium video content,\" said\n \n Doug Murphy\n \n , President and CEO,\n \n Corus Entertainment\n \n . \"The sale of the animation software business will provide additional financial flexibility, with net proceeds allocated towards the repayment of bank debt. We remain focused on advancing our strategic plan and its priorities to strengthen our value proposition in the evolving media landscape.\"\n \n \n \"We're so pleased to welcome Toon Boom into our family, another market leader in its respective domain. Both its product and performance are robust, reflecting the strength of Toon Boom's employees, the oversight of its prior owners, and providing a solid foundation to a new IMC vertical. As with all our investments, this is just the beginning - we look forward to partnering with management in building something strategic, unique, and valuable,\" said\n \n Ori Winitzer\n \n , Partner at IMC.\n \n \n \"Animation is a dynamic medium for storytelling and visualization that has continued to grow in popularity and importance. Toon Boom's innovative tools and powerful ecosystem have revolutionized the way artists and students bring their creative visions to life. Our investment in Toon Boom marks the beginning of our strategy to build a broader platform focused on content creation and p...