Corus sells Toon Boom Animation for $147M

TORONTO – Media company Corus announced Thursday its Nelvana subsidiary has agreed to sell an animation business for $147.5 million to Integrated Media Company. Integrated Media will acquire Montreal-based Toon Boom Animation, marking Corus’s exit from the animation software business at a time when the company is struggling with a rough advertising market and what it says are onerous regulatory burdens. Corus said it expects to use the money to pay down debt. "After an enterprise-wide review of our operating model and asset base, we have decided to exit the animation software business,” Colin Bohm, Corus’s executive vice president of...