Corus will divest Toon Boom and repay outstanding bank debt

Chicago, July 13 – Corus Entertainment Inc. has agreed to sell its animation software company Toon Boom Animation Inc. for approximately C$147.5 million in cash, according to a company press release.

The transaction is expected to close in 2023.

Corus said it will use the proceeds, expected to be approximately C$142 million, to repay outstanding bank debt.

Integrated Media Co. is the buyer.

Corus’ debt rating was recently cut by S&P Global Ratings, partially due to high leverage.

The ratings cut included a drop into junk territory on secured debt, which had previously been rated investment grade.

Corus is a media and entertainment company based in Calgary, Alta.

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