Business
CORUS ENTERTAINMENT REACHES AGREEMENT TO SELL TOON BOOM ANIMATION
CORUS ENTERTAINMENT REACHES AGREEMENT TO SELL TOON BOOM ANIMATION Canada NewsWire ...
About this update from Corus Entertainment Inc. Class B
[{"type":"text","content":"\n \n \n \n CORUS ENTERTAINMENT REACHES AGREEMENT TO SELL TOON BOOM ANIMATION\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n Integrated Media Company to Acquire Emmy\n \n ®\n \n Award-Winning Montreal-based Animation Software Business for Approximately\n \n $147.5 million\n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n July 13, 2023\n \n \n /CNW/ - Corus Entertainment Inc. (\"Corus\" or the \"Company\") (TSX: CJR.B) today announced that its wholly-owned subsidiary, Nelvana Limited (\"Nelvana\"), has entered into a definitive agreement under which Integrated Media Company (\"IMC\"), a TPG platform dedicated to the new media ecosystem, will acquire Nelvana's wholly-owned subsidiary, Montreal-based animation software company Toon Boom Animation Inc. (\"Toon Boom\") for approximately\n \n $147.5 million\n \n CAD in cash.\n \n \n \"Corus is building a powerful multiplatform business aggregating premium video content,\" said\n \n Colin Bohm\n \n , EVP of Content and Corporate Strategy, Corus Entertainment. \"After an enterprise-wide review of our operating model and asset base, we have decided to exit the animation software business. This move will free up capital, increase Corus' financial flexibility, and sharpen our focus as we advance our strategic plan and priorities.\"\n \n \n \"Toon Boom and its exceptional team have built a leading solution for content creators the world over,\" continued Bohm. \"We appreciate their contributions to the Corus content portfolio and will work closely with IMC to support a smooth transition.\"\n \n \n Toon Boom's award-winning software is the global standard for 2D animation, storyboarding and pipeline management. It provides solutions for everyone from enthusiasts to professionals, giving them the artistic freedom to create in any style and efficiently publish anywhere, as well as providing real-time management for animated projects.\n \n \n Founded originally in 1994, Corus purchased a 50 per cent interest in Toon Boom in 2004 and acquired the remainin...