Astral Media Inc. and Corus Entertainment Inc. will pay $96 million to buy the remaining 20 per cent of the Teletoon television channel they don't own, they said Thursday.

The deal with the current owner of the stake, The Cookie Jar Group, would give Astral and Corus 50 per cent each of Teletoon.

Senior-citizen superhero Zeroman, whose voice is provided by Canadian actor Leslie Nielsen, is among the characters on Teletoon, the TV channel at the centre of a deal involving Astal and Corus, and The Cookie Jar Group.
Senior-citizen superhero Zeroman, whose voice is provided by Canadian actor Leslie Nielsen, is among the characters on Teletoon, the TV channel at the centre of a deal involving Astal and Corus, and The Cookie Jar Group.
(Canadian Press)
The sale is subject to approval from the country's broadcasting regulator, the Canadian Radio-television and Telecommunications Commission.

Launched in 1997, Teletoon is a 24-hour animated programming channel with English and French services. The channel is available in about seven million homes across the country.

Astral, Corus report higher Q3 earnings

Astral and Corus also announced Thursday they have both posted improved third-quarter earnings.

Corus said it made $23.2 million (54 cents per diluted share) on revenue of $181.6 million. In the same quarter of the previous year, the company made $19.4 million (45 cents a share) on revenue of $171.9 million.

In conjunction with the improved financial results, Corus also bumped up its dividend. The company said its expected dividend on an annual basis for its class A and class B shares is 85 cents and 86 cents, respectively, up from the previous rate of 39 cents and 40 cents, respectively.

"This significant increase in our dividend reflects the company's progress in increasing free cash flow and our confidence in our future business prospects," said Heather Shaw, Corus's executive chairperson.

Corus's radio and television holdings include YTV, Treehouse, Nelvana and the Q107 FM station in Toronto.

Astral Media said it made $33.2 million (61 cents per diluted share), up from $29.6 million (52 cents a share), a year ago. The company's revenues were $155.5 million, up eight per cent from the $144 million for the same quarter last year.

Astral is active in specialty, pay and pay-per-view television, radio and outdoor advertising.