TORONTO – A deal for Corus Entertainment to buy the media division of Shaw Communications has received shareholder approval.
According to a statement from Corus, its class B shareholders voted 78.52 per cent in favour of the $2.65-billion acquisition.
The company says the results of Wednesday’s vote still needs to be audited.
One of its minority shareholders had attempted to block the vote but failed to win support from Ontario’s stock regulator.
Through the deal, Corus will acquire the Global Television network and 19 specialty channels including HGTV Canada, Food Network Canada and Showcase from Shaw Communications Ltd. (TSX:SJR.B).
Both Corus (TSX:CJR.B), which was spun off from Shaw in 1999, and Shaw Communications, are controlled by the Shaw family through their holdings of class A shares of both companies.
The Ontario Securities Commission ruled Monday that Catalyst Capital Group, a minority shareholder in Corus, had no legal standing to challenge the deal. Catalyst had called on Corus to renegotiate the sale, arguing it overpaid for the assets.