The CRTC has approved the $2.65-billion acquisition of Shaw Media by Corus Entertainment, which will be completed on April 1st.
Together, Corus Entertainment will now be comprised of 15 conventional channels, 45 specialty services, 39 radio stations, a global content business, and a growing portfolio of digital assets (The Canadian Press).
“This is a transformational acquisition that redefines Corus and Canada’s media landscape,” said Doug Murphy, President and Chief Executive Officer at Corus Entertainment, to AM640 Toronto. “This game-changing transaction brings together a powerful portfolio of synergistic media assets that will solidify Corus’ position as the market leader in the highly valued Women, Kids and Family segments. It will also advance our strategic priorities through investment in content creation for our own platforms, and for global markets.”
However, the merge has come with its fair share of scrutiny and criticism. “Today’s CRTC decision sends a shiver down the spine of Canada’s independent producers, who now face the hard realities of a hyper-consolidated broadcasting sector,” Reynolds Mastin, president and CEO of the association, said in a statement (as reported by The Canadian Press). In its statement, the association said it fears Corus will use its greater negotiating power to extract “even more rights and revenues” from independent producers. “The CMPA warns this will essentially reduce producers to the role of service providers, which will limit their ability to take creative risks, while downloading onto them the enormous financial risks involved in making television shows.”
