Bullboard - Stock Discussion Forum Corus Entertainment Inc. T.CJR.B

Alternate Symbol(s): CJREF

Corus Entertainment Inc. is a Canada-based diversified, integrated media and content company that develops and delivers brands and content across platforms. The Company operates in two segments: Television and Radio. The Television segment is comprised of over 33 television networks, approximately 15 conventional television stations, digital media assets, a social digital agency, a social media... see more

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Corus Entertainment Inc. > BMO Capital on CJR Selling Toon Boom Animation

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Post by davgro on Jul 14, 2023 3:22pm

BMO Capital on CJR Selling Toon Boom Animation

2023-07-14 01:48:44 PM ET (MT Newswires)

01:48 PM EDT, 07/14/2023 (MT Newswires) -- Corus Entertainment announced an agreement to divest Toon Boom Animation to Integrated Media Company, a TPG platform for net proceeds of ~$142 million. The transaction is expected to close in CY2023.

Toon Boom is an animation software company and is a subsidiary of Nelvana. Corus purchased the remaining stake of Toon Boom in 2012 at an ~$8 million valuation. Cash proceeds from the sale will be used for debt reduction.

BMO Capital notes there is limited visibility in the outlook given continued advertising weakness and the strike(s) in Hollywood.

Maintain Market Perform, $2.15 target.

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