Shaw Media unit includes Global Television, HGTV Canada and Food Network Canada
Canadian company Shaw Communications agreed to sell its TV division to broadcasting and media giant Corus Entertainment in a cash-and-stock deal worth 2.65 billion Canadian dollars, or about $1.86 billion.
Corus already owns several specialty TV channels, as well as radio stations and an animation studio. The unit, Shaw Media, includes the networks Global Television, HGTV Canada, Food Network Canada and History Television, among others.
The move streamlines Shaw into a pure telecommunications company focused on phone and Internet service, after its December purchase of mobile carrier Wind Mobile.
The deal consists of 1.85 billion Canadian dollars in cash and 71 million Corus non-voting class B shares. Shaw Communications will hold a 39 percent stake in Corus.