Canadian media and broadcasting company Corus Entertainment is set to sell its speciality French-language channels Historia and Séries to Bell Media in a deal worth $200mn.
“As we reviewed our portfolio of assets this year, we determined that while Historia and Séries are excellent channels, they are not core to advancing Corus' strategic priorities at this time,” said Doug Murphy, President and CEO of Corus Entertainment.
“Furthermore, the increased financial flexibility this transaction provides will enable Corus to accelerate our transformation into an industry-leading integrated media and content company."
Despite the sale, the firm will remain an active contributor to the French-speaking broadcasting and production community of Quebec, largely with its Global Montreal, Télétoon and La chaîne Disney channels, in addition to its animation software company, Toon Boom.
The transaction is pending approval from the Canadian Radio-Television and Telecommunications Commissions and Competition Bureau.
The announcement comes in the same week as the firm announcing a 15.7% rise in its quarterly profit, largely helped by greater advertising revenues.
The company reported its net income attributable to shareholders as $28.9mn, up from the $25mn recorded a year earlier.