Teletoon deal values channels at $480 million

MONTREAL and TORONTO – Today's announcement that Astral Media and Corus Entertainment will together buy the 20% of Teletoon/Télétoon they don't own from Cookie Jar Group (formerly Cinar) puts a value on the cartoon channel at $480 million.The transaction, which is subject to the approval of the CRTC, will give Astral Media and Corus Entertainment each an additional 10% ownership of Teletoon, bringing their individual ownership to 50% each. The acquisition price for the 20% stake in the network is approximately $96 million. Multiply times five and you get $480 million. www.teletoon.com