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Shaw Communications Completes Sale Of SHAW MEDIA TO CORUS ENTERTAINMENT

The following excerpt is from the company's SEC filing.

CALGARY, April 1, 2016

Shaw Communications Inc. (Shaw) today announced it has completed the previously announced sale of its wholly-owned broadcasting subsidiary, Shaw Media Inc. (Shaw Media) to Corus Entertainment Inc. (Corus) for $2.65 billion.

Pursuant to the transaction, Shaw received approximately $1.85 billion in cash and 71,364,853 Corus Class B non-voting participating shares issued at $11.21 per share, which was based on a volume weighted average trading price on the Toronto Stock Exchange at the time of announcement on January 13, 2016. As a result of the transaction, and including the impact of Corus prospectus and private placement financings, Shaw owns approximately 37% of Corus total issued equity of Class A and Class B shares.

For the shareholders and customers of Shaw, this is a significant milestone that positions Shaw as a leading pure-play connectivity company with an attractive growth profile, while allowing Shaw to participate in the upside potential resulting from the combination of Shaw Media and Corus, said Brad Shaw, CEO of Shaw. Shaw will focus on delivering superior broadband communications to our consumer and business customers by investing and developing our best-in-class wireline, WiFi and, with our WIND acquisition, wireless infrastructure.

We want to thank our friends and colleagues at Shaw Media for their contributions to Shaws success and wish them well in their new journey with Corus. Their work has helped us learn...