Corus Does The Locomotion
Canadian-based media company Corus Entertainment Inc. has acquired a 50% interest in pay television network Locomotion, an animation channel available in over 7 million homes throughout Latin America and Iberia. Corus announced it purchased the interest in Locomotion from the Claxson Interactive Group, Inc., for a maximum consideration of US$10.5 million and a holdback in the event of certain economic changes that may impact revenue projections. The remaining 50% interest in Locomotion is held by U.S.-based communications giant the Hearst Corporation. "This acquisition puts in motion our international expansion in children and animation networks in partnership with one of the leading players in the global entertainment business," commented John Cassaday, president and CEO of Corus Entertainment. "The growth potential for Locomotion in new and existing markets, coupled with the programming and distribution opportunities for Nelvana, is consistent with our strategy of leveraging core assets and expertise." Corus assets include 52 radio stations, four Canadian specialty television networks, Canadas western pay-TV business, five digital channels and children's programming producer Nelvana Ltd.