Today's article in the Globe and Mail:
Quebecor made offer to buy Corus Entertainment months ago, but struggling media company has not yet responded, source says.
Quebecor Inc. has made an offer to buy Corus Entertainment Inc. but the financially distressed media company appears unwilling to engage with the offer, according to a source.
Representatives of Quebecor met approximately six months ago with Corus executive chair Heather Shaw, according to the source.
That meeting was followed by a purchase offer several weeks ago, the person said. However, Corus has not responded to Quebecor’s overtures, according to the source, who did not specify terms of Quebecor’s offer for the company nor any details around how the deal would be structured.
For Quebecor, acquiring Corus could generate operational synergies by reducing operating costs and increasing its purchasing power when acquiring content, the person said.
The Globe and Mail is not identifying the person because they are not authorized to speak publicly about the matter.
Melissa Eckersley, a spokesperson for Corus, said the company does “not comment on rumours or speculation.“