Shaw unloads Corus stake but retains control

CALGARY – Shaw Communications is selling off its stake in Corus Entertainment in a deal valued at approximately $548 million.The transaction sees Shaw divest its 80.63 million class B non-voting participating Corus shares for $6.80 per share through a secondary offering. That’s about 16% lower than Tuesday’s close on the Toronto Stock Exchange.Shaw said that it will use the proceeds for general corporate purposes, which may include the repayment of outstanding debt, and that Corus will not receive any money from the sale.Following the closing of the deal, which is expected on May 31st, Shaw will no longer hold an...