January 13, 2016 / 4:12 PM / 2 years ago

BUZZ-Shaw Communications Inc: Sells media arm for C$2.65 bln

1 Min Read

** Canadian telecom and cable operator's U.S.-listed shares up 8 pct at $17.77, one of the top percentage gainers on NYSE; Toronto-listed shares up 8.14 pct at C$25.36

** Shaw Communications said it would sell its media unit to Corus Entertainment for C$2.65 bln, gaining funding for its Wind Mobile purchase

** Corus Entertainment down 5.3 pct at C$11

** This transaction significantly removes the risk of Shaw raising equity to delever, Canaccord Genuity analyst writes

** Shaw Communications agreed to buy Wind Mobile last month, the country's fourth-largest wireless provider, to garner a much-needed presence in the cellular market

** Up to Tuesday's close, Shaw's Toronto-listed stock had declined nearly 13 pct since announcement of Wind Mobile deal

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