CORUS ENTERTAINMENT COMPLETES SALE OF ANIMATION SOFTWARE BUSINESS TO INTEGRATED MEDIA COMPANY
TORONTO, Aug. 24, 2023 /PRNewswire/ - 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® award-winning Montreal-based animation software company, to Integrated Media Company ("IMC"), a TPG platform dedicated to the new media ecosystem.
- TORONTO, Aug. 24, 2023 /PRNewswire/ - 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® award-winning Montreal-based animation software company, to Integrated Media Company ("IMC"), a TPG platform dedicated to the new media ecosystem.
- "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."
- Corus intends to use the net proceeds of approximately $142 million CAD generated by this transaction to repay outstanding bank indebtedness.