Corus Entertainment shareholders have voted to approve the company’s $2.65-billion acquisition of Shaw Media Inc.
A special meeting was held in the atrium at Corus headquarters, CorusQuay, on Wednesday. The company’s shareholders voted 78.5% in favour of Corus’ proposed acquisition of Shaw Media.
Corus President and CEO Doug Murphy says a “strong endorsement by our shareholders is a critical step forward in bringing these two great organizations together to create a leading integrated media and content company. ”
Both Corus and Shaw Media’s parent company, Shaw Communications Inc., are controlled by Alberta’s Shaw family through a trust.
The combined company would see Corus own 39 radio stations, 45 specialty television channels and 15 conventional stations, including the Global Television network and the Nelvana content studio. Corus would also control more than a third of English TV viewership across the country.
Before closing the deal, the transaction still requires the approval of the Canadian Radio-television and Telecommunications Commission (CRTC).