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TechnologyShaw Communications selling its stake in Corus Entertainment for $548M

21:36  15 may  2019
21:36  15 may  2019 Source:   msn.com

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CALGARY — Shaw Communications Inc. is selling its stake in Corus Entertainment Inc. for $ 548 million. Under the deal, the cable and telecommunications company will sell 80.63 million class B Corus shares at a price of .80 per share through a secondary offering.

CALGARY - Shaw Communications Inc. is selling its stake in Corus Entertainment Inc. for $ 548 million. Shaw said the money from the sale will be used for general corporate purposes, which may include the repayment of debt. Corus will not receive any of the proceeds of the sale.

Shaw Communications selling its stake in Corus Entertainment for $548M© Provided by Canadian Press Enterprises Inc

CALGARY — Shaw Communications Inc. is selling its stake in Corus Entertainment Inc. for $548 million.

Under the deal, the cable and telecommunications company will sell 80.63 million class B Corus shares at a price of $6.80 per share through a secondary offering.

Corus shares closed at $8.06 on the Toronto Stock Exchange on Tuesday.

The sale represents a roughly 38 per cent stake in Corus.

Shaw said the money from the sale will be used for general corporate purposes, which may include the repayment of debt.

Corus will not receive any of the proceeds of the sale.

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Canadiens trade Andrew Shaw back to Chicago Blackhawks.
With the NHL free-agent frenzy set to begin on Monday, the Montreal Canadiens cleared up some salary-cap space by trading veteran forward Andrew Shaw back to the Chicago Blackhawks on Sunday. Canadiens GM Marc Bergevin sent Shaw and a seventh-round pick at the 2021 NHL Draft to the Blackhawks in exchange for a second-round and a seventh-round pick in 2020 and a third-round pick in 2021. Shaw, who will turn 28 on July 20, has three seasons remaining on a six-year, US$23.4-million contract with an annual salary-cap hit of $3.9-million.

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