Corus Entertainment Completes Acquisition of Shaw Media

Transaction Details
In connection with the closing of the Acquisition, Corus has completed the financing of $2.6 billion syndicated senior secured credit facilities, consisting of a $2.3 billion term loan and an undrawn $300 million revolving credit facility (the "New Credit Facilities"). The Acquisition and the refinancing of existing Corus debt was funded by a combination of: (i) net proceeds of approximately $2.3 billion drawn under the New Credit Facilities; (ii) the net proceeds of an offering of 29,210,000 subscription receipts, inclusive of 3,810,000 subscription receipts issued pursuant to the exercise in full of the underwriters' over-allotment option, that raised gross proceeds of $262.9 million; and (iii) the net proceeds of a concurrent private placement of 3,560,000 subscription receipts to certain members of the Shaw family that raised total gross proceeds of $32.0 million.

The shareholders of Corus, excluding the votes of certain interested parties, approved the Acquisition at a special meeting of shareholders held on March 9, 2016. The Acquisition was also approved by the Canadian Radio-television and Telecommunications Commission on March 23, 2016.

Subscription Receipts
As a result of the closing of the Acquisition, Corus' 32,770,000 subscription receipts were, in accordance with their terms, automatically settled on a one-for-one basis for Class B Shares. In addition, pursuant to the terms of the subscription receipts, a cash dividend equivalent payment of $0.19 per subscription receipt (being equal to the aggregate amount of dividends paid by Corus per Class B Share for which record dates have occurred since the date of issuance of the subscription receipts to and including March 31, 2016), less any applicable withholding taxes, will be paid to holders of subscription receipts. Corus expects that holders of subscription receipts will receive the dividend equivalent payment on or about April 4, 2016. Corus further expects that trading in the subscription receipts on the Toronto Stock Exchange will be halted shortly following the issuance of this press release and that the subscription receipts will be delisted as of the close of business on April 1, 2016.

About Corus Entertainment Inc.
Corus Entertainment Inc. (TSX: CJR.B) is a leading media and content company that creates and delivers high quality brands and content across platforms for audiences around the world. The company's portfolio of multimedia offerings encompasses 45 specialty television services, 39 radio stations, 15 conventional television stations, a global content business, digital assets, live events, children's book publishing, animation software, technology and media services. Corus' roster of premium brands include Global Television, W Network, OWN: Oprah Winfrey Network Canada, HGTV Canada, Food Network Canada, HISTORY┬«, Showcase, National Geographic, Q107, CKNW, Fresh Radio, Disney Channel Canada, YTV and Nickelodeon Canada. Visit Corus at  www.corusent.com.

This press release may contain forward-looking information and should be read subject to the following cautionary language:

To the extent any statements made in this report contain information that is not historical, these statements are forward-looking statements and may be forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking statements"). These forward-looking statements may include, among other things, our objectives, goals, strategies, intentions, plans, estimates and outlook, including advertising, distribution, merchandise and subscription revenues, operating costs and tariffs, taxes and fees, and can generally be identified by the use of the words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements include statements regarding performance of the combined company, the benefits and costs of the Acquisition and the pro forma business, operations, financial performance (including dividends) and cash flow profile of the combined company and the ability to realize synergies in the time and manner anticipated. Although Corus believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, including without limitation factors and assumptions regarding the accuracy of management's assessment of the effects of the completion of the Acquisition, including the ability to generate synergies consistent with management expectations, maintenance by the Corus Board of Directors of the dividend on the Class B Shares at its existing level, the ongoing performance of the businesses of Corus and Shaw Media, advertising, distribution, merchandise and subscription revenues, operating costs and tariffs, taxes and fees and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from these expectations include, among other things: our ability to attract and retain advertising revenues; audience acceptance of our television programs and cable networks; our ability to recoup production costs, the availability of tax credits and the existence of coproduction treaties; our ability to compete in any of the industries in which we do business; the opportunities (or lack thereof) that may be presented to and pursued by us; conditions in the entertainment, information and communications industries and technological developments therein; changes in laws or regulations or the interpretation or application of those laws and regulations; our ability to integrate and realize anticipated benefits from our acquisitions, including the acquisition of Shaw Media and to effectively manage our growth; our ability to successfully defend ourselves against litigation matters arising out of the ordinary course of business; changes in accounting standards, our ability to execute strategic plans and changes to strategic plans, downgrades in our financial strength or credit ratings, volatility and correlation of equity and debt markets, interest rates, the failure to realize some or all of the expected benefits of the transaction and the market for subscription receipts and Class B Shares and the prices of subscription receipts and Class B Shares. Additional information about these factors and about the material assumptions underlying such forward-looking statements may be found in our Annual Information Form and our management's discussion and analysis which are available on Corus' website at www.corusent.com as well as on SEDAR. Corus cautions that the foregoing list of important factors that may affect future results is not exhaustive.

When relying on our forward-looking statements to make decisions with respect to Corus, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Unless otherwise required by applicable securities laws, we disclaim any intention or obligation to publicly update or revise any forward looking statements whether as a result of new information, events or circumstances that arise after the date thereof or otherwise.

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SOURCE Corus Entertainment Inc.

Contact:
Corus Entertainment Inc.
Sally Tindal, Vice President, Corporate Communications, 416.479.6107
Email Contact
Web: www.corusent.com



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