Corus Pulls $221 Million Junk Bond Deal Backing Shaw Buyout

Corus Entertainment Inc. pulled a C$300 million ($221.4 million) junk-bond offering backing a takeover because of difficult market conditions.

The sale may be renewed if market conditions improve, Sally Tindal, a spokeswoman for the Canadian content provider said in an e-mail. Corus was planning to use the bonds to partially fund its C$2.65 billion takeover of Shaw Communications Inc.’s media business. The bid is backed by a commitment from Royal Bank of Canada, which means the company has financing for the purchase.