Shaw Communications Inc is selling off its stake in Corus Entertainment Inc. through a bought deal led by TD Securities.
Shaw will sell 80,630,383 Class B shares of Corus for $6.80 each, for a total of $548 million, the telecom company said in a press release Tuesday. Corus shares closed on the TSX at $8.06 Tuesday.
Following the closing of the offering on or about May 31, Shaw will no longer hold an equity interest in Corus.
Shaw says it will use the money for corporate purposes, which may include repaying debt.
Corus is a Canadian broadcasting company that owns Global Television Network, radio stations, and a portfolio of specialty TV channels including the HGTV Canada, Food Network Canada, YTV and Treehouse networks.
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