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Corus gets green light for share buyback

Briefs | 03/16/2007 4:00 am EDT

The Toronto Stock Exchange has agreed to renew a normal course issuer bid from Corus Entertainment Inc. The Toronto-based broadcaster wants to buy back 1,500,000 of its class B non-voting shares at the market price over the 12-month period between February 15, 2007 and February 14, 2008. A media release from Corus states that it believes the shares "have been trading in a price range which may not fully reflect the value of these shares," and as such will make a good investment if they are bought back now and re-released to investors at a later date. Over the course of 2006, Corus repurchased 1,089,000 shares at an average price of $35.80 each.

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