Corus buys CLT from CTVglobemedia
CTVglobemedia is selling Canadian Learning Television to Corus Entertainment Inc. for $73 million, the companies said Friday.
The sale is subject to approval by the Canadian Radio-television and Telecommunications Commission.
CLT bills itself as Canada's only national educational specialty television service.
"The acquisition of CLT represents another great growth opportunity for Corus Entertainment," company CEO John Cassaday said. "We are convinced that with the access to over five million households that CLT currently enjoys, we have the know-how and experience to build on the success the network has achieved thus far."
CTVglobemedia acquired CLT through its 2007 purchase of CHUM Ltd.
Based in Toronto, Corus also owns YTV, Treehouse, W Network and Movie Central, along with animator Nelvana and 50 radio stations.
CTVglobemedia owns CTV and stakes in over 30 specialty television channels.
Corus Class B shares fell 33 cents to close at $19.61 on the TSX.