CNM Short Takes
News | 05/31/2002 4:00 am EDT
Corus acquires major stake in pay TV channel
Corus Entertainment Inc. has acquired a 50% stake in The Locomotion Channel, an action-oriented animation pay television service. The service, which targets young adults aged 18-35, is available in more than 27 countries and seven million homes throughout Latin America and the Iberian Peninsula. Corus purchased the interest from Claxson Interactive Group Inc. for US$10.5 million and a holdback in the event of certain economic changes that may impact revenue projections. The remaining 50% interest is held by The Hearst Corp., a diversified communications company.