Corus Entertainment Expands Interests in French-language Specialty Television Market through Major Deals with Bell and Shaw

Corus Entertainment Expands Interests in French-language Specialty Television
             Market through Major Deals with Bell and Shaw Media

PR Newswire

TORONTO, March 4, 2013

Acquisitions include TELETOON, Historia and Séries+; Ottawa-based Radio
Stations CKQB-FM and CJOT-FM; and ABC Spark

TORONTO, March 4, 2013 /PRNewswire/ - Corus Entertainment Inc. (TSX: CJR.B)
announced today that it has entered into a number of agreements with Bell and
separately with Shaw Media, that extends Corus' portfolio of Radio assets into
Ottawa, consolidates Corus' ownership of ABC Spark and TELETOON, and enables
Corus to become a significant media contributor in the Québec and the
French-language specialty television market.

Corus has  reached  an  agreement  with Bell  to  acquire  the  50%  remaining 
ownership interest in  TELETOON and two  Ottawa-based radio stations,  CKQB-FM 
(The Bear 106.9) and CJOT-FM  (boom 99.7), that Bell  will acquire as part  of 
the acquisition of Astral Media  Inc. pending regulatory approval. With  these 
acquisitions, TELETOON,  Télétoon  (French), TELETOON  Retro,  Télétoon  Rétro 
(French), Cartoon Network  (Canada) and radio  stations, CKQB-FM and  CJOT-FM, 
will be wholly  owned by Corus.  In addition, Corus  has reached an  agreement 
with Bell and Shaw Media to acquire each of their respective 50% interests  in 
the  French-language  specialty   channels  Historia   and  Séries+.   Certain 
transactions are  subject to  approval by  the Canadian  Radio-television  and 
Telecommunications Commission (CRTC) and the Competition Bureau.

In a separate transaction, Corus has entered into an agreement with Shaw Media
that will  result  in  Corus  acquiring the  remaining  49%  interest  in  the 
successful specialty television service ABC Spark from Shaw Media. As part  of 
the agreement, Corus will sell its 20% interest in Food Network Canada to Shaw
Media.

"These transactions represent  a transformative opportunity  for Corus,"  said 
John Cassaday,  President and  Chief Executive  Officer, Corus  Entertainment. 
"The consolidation  of  TELETOON and  the  addition of  the  popular  services 
Historia and  Séries+  give  Corus  the  scale  to  expand  into  the  growing 
French-language specialty television market.  As a well-capitalized  company, 
Corus  can  contribute  to  the  growth   of  this  market  and  provide   new 
opportunities for the production community, while adding greater diversity  to 
the system and more choice to French-speaking audiences.

The addition of  the Ottawa radio  stations, CKQB-FM and  CJOT-FM, has been  a 
long-standing goal and allows us to bring our skills and passion for radio  to 
another major Canadian  market, while delivering  exceptional programming  and 
local information  to the  Ottawa community.  Finally, full  ownership of  ABC 
Spark, based on the highly successful ABC Family channel in the U.S., and  now 
widely distributed across Canada,  represents an excellent growth  opportunity 
for Corus."

The combined acquisition price for these assets is $494 million Cdn. The
overall transaction is valued at an LTM EBITDA multiple of 10.4x.

A conference call with Corus  senior management to discuss these  transactions 
is scheduled for Tuesday, March  5, 2013 at 8:30 a.m.  ET. While this call  is 
directed at analysts and investors, members of the media are welcome to listen
in.  The  dial‐in  number  for  the  conference  call  for  North  America  is 
1.800.926.5230 and for local/international callers is 416.981.9020. PowerPoint
slides for the call will be posted 15  minutes prior to the start of the  call 
and can be found on the Corus Entertainment website at www.corusent.com in the
Investor Relations section.

About Corus Entertainment Inc.

Corus Entertainment Inc. is a Canadian-based media and entertainment  company. 
Corus is a  market leader in  specialty television and  radio with  additional 
assets in pay television, television broadcasting, children's book  publishing 
and  children's  animation.  The  Company's  multimedia  entertainment  brands 
include YTV, Treehouse, Nickelodeon (Canada), ABC Spark, W Network, OWN: Oprah
Winfrey Network (Canada), CosmoTV,  Sundance Channel (Canada), Movie  Central, 
HBO Canada, Nelvana, Kids Can Press, Toon Boom and 37 radio stations including
CKNW AM 980, 99.3  The FOX, Country  105, 630 CHED, Q107  and 102.1 the  Edge. 
Corus creates  engaging branded  entertainment experiences  for its  audiences 
across multiple platforms. A publicly traded  company, Corus is listed on  the 
Toronto  Stock   Exchange   (CJR.B).   Experience  Corus   on   the   web   at 
www.corusent.com.

This press release  contains forward‐looking  information and  should be  read 
subject to the following cautionary language:

To the extent any statements made  in this report contain information that  is 
not historical, these  statements are  forward‐looking statements  and may  be 
forward‐looking information within the  meaning of applicable securities  laws 
(collectively, "forward‐looking statements"). These forward‐looking statements
related to, among other things, our objectives, goals, strategies, intentions,
plans, estimates and outlook, including advertising, distribution, merchandise
and subscription revenues, operating  costs and tariffs,  taxes and fees,  and 
can generally  be  identified by  the  use of  the  words such  as  "believe", 
"anticipate", "expect",  "intend", "plan",  "will",  "may" and  other  similar 
expressions.  In  addition,  any   statements  that  refer  to   expectations, 
projections or other characterizations of  future events or circumstances  are 
forward‐looking statements.  Although  Corus believes  that  the  expectations 
reflected in such forward‐looking  statements are reasonable, such  statements 
involve risks and  uncertainties and undue  reliance should not  be placed  on 
such statements. Certain material factors or assumptions are applied in making
forward‐looking  statements,   including   without  limitation   factors   and 
assumptions regarding advertising, distribution, merchandise and  subscription 
revenues, operating costs and tariffs, taxes  and fees and actual results  may 
differ  materially  from  those  expressed  or  implied  in  such  statements. 
Important factors that could  cause actual results  to differ materially  from 
these expectations include,  among other  things: our ability  to attract  and 
retain advertising revenues;  audience acceptance of  our television  programs 
and cable networks; our ability  to recoup production costs, the  availability 
of tax credits  and the existence  of co‐production treaties;  our ability  to 
compete in any of  the industries in which  we do business; the  opportunities 
(or lack thereof) that may  be presented to and  pursued by us; conditions  in 
the entertainment, information and communications industries and technological
developments therein; changes in laws or regulations or the interpretation  or 
application of  those  laws and  regulations;  our ability  to  integrate  and 
realize anticipated benefits from our  acquisitions and to effectively  manage 
our growth; our  ability to successfully  defend ourselves against  litigation 
matters arising  out  of the  ordinary  course  of business;  and  changes  in 
accounting standards. Additional information about these factors and about the
material assumptions underlying such  forward‐looking statements may be  found 
in our Annual  Information Form.  Corus cautions  that the  foregoing list  of 
important factors that may affect future results is not exhaustive.

When relying on our forward‐looking statements to make decisions with  respect 
to Corus, investors and others should carefully consider the foregoing factors
and other uncertainties  and potential  events. Unless  otherwise required  by 
applicable securities  laws,  we  disclaim  any  intention  or  obligation  to 
publicly update or revise any forward  looking statements whether as a  result 
of new information, events or circumstances that arise after the date  thereof 
or otherwise.

SOURCE Corus Entertainment Inc.

Contact:

Follow CorusPR on Twitter@CorusPR

For more information, please contact:

Sally Tindal
Director, Corporate Communications
Corus Entertainment
416.479.6107
sally.tindal@corusent.com

Annick Bélanger
Vice President
Casacom
514.286.2145
abélanger@casacom.ca
 
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