Corus Entertainment Inc. has received approval from the Canadian Radio-television and Telecommunications Commission (CRTC) to acquire controlling interest of Telelatino Network Inc. Corus acquired shares that increase its total interest in the specialty channel to 50.5% from 20%. The shares were purchased in March 2001 from existing shareholders for a total of $11 million (CDN).
The completion of the transaction will allow Corus to consolidate its share of Telelatino earnings effective no later than November 29, 2001. Telelatino had 2001 EBITDA of $4.7 million.
“We’re pleased to have received this approval which will now allow us to realize the benefits of the acquisition, both in terms of Telelatino revenue and joint marketing and programming opportunities between TLN and other Corus specialty television assets,” said John Cassaday, President and CEO of Corus Entertainment. “TLN is a well-run network with a solid customer base which we believe can grow with the benefit of Corus’ resources and commitment.”