WildBrain to sell majority stake in TV broadcast business to IoM Media Ventures
Posted Dec 18, 2024 08:51:05 AM.
Last Updated Dec 18, 2024 09:15:12 AM.
TORONTO — WildBrain Ltd. has signed a deal to sell a two-thirds stake in its television broadcast business to IoM Media Ventures Inc., an independent children’s studio based in Halifax.
Under the terms of the deal, WildBrain says it expects to receive more than $40 million over the next four years from the transaction and its continuing involvement in the business.
The broadcast business includes the Family Channel, Family Jr., WildBrainTV and Télémagino channels.
WildBrain chief executive Josh Scherba called the deal a critical step forward in simplifying the business.
The transaction, which is subject to customary closing conditions, is expected to close in about three to six months, pending approval by the CRTC.
The proceeds from the sale will be used by WildBrain primarily to pay down debt.
This report by The Canadian Press was first published Dec. 18, 2024.
Companies in this story: (TSX:WILD)
The Canadian Press
