Montreal-based Astral and Toronto’s Corus Entertainment Inc. announced on Thursday that they will buy the remaining 20 percent of the Teletoon Network that they didn’t already own for C$96 million ($87.5 million) from the Cookie Jar Group. The deal with Cookie Jar Group comes on the heels of media giant Bell Globemedia’s purchase of domestic broadcaster Chum ltd, and other recent instances of industry consolidation in the region.
According to Reuters, Astral and Corus will each gain a 10% stake in Teletoon after the Cookie Jar Group unloads its 20% share. Teletoon was launched in 1997 and is viewed in about 7 million Canadian homes. Cookie Jar, led by president and CEO Toper Taylor and CEO Michael Hirsch, is the company behind popular series such as Arthur, Gerarld McBoing Boing and The Doodlebops.