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 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 Doug
Murphy, President and CEO, Corus
Entertainment. "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."
"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 Ori Winitzer, Partner at
IMC.
"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 production workflow tools that empower
creators and educators," said IMC's Yuning
Zhang.
Corus intends to use the net proceeds of approximately
$142 million CAD generated by this
transaction to repay outstanding bank indebtedness.
About Toon Boom Animation Inc.
Toon Boom Animation
Inc.'s award-winning software is the global standard for animation,
storyboarding and pipeline management. Storyboard Pro and Harmony
solutions provide everyone from enthusiasts to professionals with
the artistic freedom to create in any style and efficiently publish
anywhere, while Producer provides real-time management for animated
projects. Customers who chose Toon Boom animation software for the
development and creation of their productions include Disney
Television Animation, Amazon, Fox Television Animation, Nelvana,
Toei Animation, The SPA Studios, Xilam and Boulder Media, to name a
few. The technology is currently available in English, Spanish,
Japanese and Simplified Chinese. For more information, visit:
toonboom.com.
About Integrated Media Company
Integrated Media
Company, LLC is a TPG portfolio company thematically investing
across the digital media landscape. Launched in 2018, IMC's mandate
is both financial and strategic, providing greater flexibility with
regards to investment size, growth initiatives, portfolio
construction, and term. IMC's investments are oriented in
verticals, allowing for additional acquisitions and organic
investment in pursuit of value creation.
About Corus Entertainment Inc.
Corus Entertainment
Inc. (TSX: CJR.B) is a leading media and content company that
develops and delivers high quality brands and content across
platforms for audiences around the world. Engaging audiences since
1999, the company's portfolio of multimedia
offerings encompass 33 specialty television
services, 39 radio stations, 15 conventional television stations,
digital and streaming platforms, and technology and media
services. Corus is
an internationally-renowned content creator and
distributor through Nelvana, a world
class animation studio expert in all formats and Corus
Studios, a globally recognized producer of hit scripted and
unscripted content. The company also owns full-service social
digital agency so.da, lifestyle entertainment company Kin
Canada, and children's book publishing house, Kids Can
Press. Corus' roster of premium brands includes Global
Television, W Network, HGTV Canada, Food Network Canada, Magnolia
Network Canada, The HISTORY® Channel, Showcase, Adult Swim,
National Geographic, Disney Channel Canada, YTV, Global
News, Globalnews.ca, Q107, Country 105, and CFOX, along with
streaming platforms STACKTV, TELETOON+, the Global TV App and
Curiouscast. Corus is the domestic advertising representative and
an original content partner for Pluto TV, a Paramount Company,
which is the leading free ad-supported streaming television (FAST)
service. For more information visit www.corusent.com.
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SOURCE Corus Entertainment Inc.