Shaw Communications is selling its media division to Corus Entertainment, the parent firm of 680 CJOB for $2.65 billion.
Shaw Media includes Global Television network and 19 specialty channels including HGTV Canada.
Corus already owns a number of other specialty channels, radio stations and Nelvana animation studio.
Rick Powers, from the Rotman School of Management at the University of Toronto says this is a game changer: “It will change the landscape of Canadian media.”
Corus CEO Doug Murphy is thrilled, calling it “an exciting day for Corus and for Shaw Media” and the opening of a new chapter for the company.
Both companies are controlled by the Shaw family through its multiple-voting shares.
The agreement is subject to approval by the Canadian Radio-Television Telecommunications Commission and Corus’ shareholders.