Shaw Communications Inc. is getting rid of $548 million in shares in Corus Entertainment Inc. The company said in a press release that after the deal closes -- which is expected to happen on May 31 -- \u00a0the company will no longer have an equity interest in the broadcaster. Shaw said it will use the proceeds \u201cfor general corporate purposes.\u201d Canaccord Genuity analyst Aravinda Galappatthige said in a research note that the deal is a positive for Shaw, since it needs capital for its wireless business. He noted the company has maintained that it is focused on investing in wireless. \u201cWe see this transaction as largely in line with that message and believe the move was prudent given the company\u2019s desire to increase the capacity and coverage of its network, the upcoming 3.5GHz auction, and the potential rollout of a Shaw-branded wireless product in the medium term that will certainly require additional investment,\u201d Galappatthige said. In 2016, Calgary-based Shaw sold its media division to Corus for $2.65 billion to fund its acquisition of Wind Mobile, now called Freedom. Corus shares were down about 17 per cent by early Wednesday afternoon. The announcement follows reports a year ago that Shaw was looking to sell its stake in Corus. The Shaw family has\u00a0a controlling stake in both companies.