Astral Media and Corus Entertainment to acquire remaining 20% of TELETOON from Cookie Jar Group

Astral Media and Corus Entertainment to acquire remaining 20% of TELETOON from Cookie Jar Group

MONTREAL, July 13 /PRNewswire-FirstCall/ -- Astral Media Inc. and Corus Entertainment Inc. today announce that they have reached an agreement to acquire the remaining 20% of the TELETOON network from the shareholders of The Cookie Jar Group.

The transaction, which is subject to the approval of the Canadian Radio-television and Telecommunications Commission (CRTC), will give Astral Media and Corus Entertainment each an additional 10% ownership of TELETOON, bringing their individual ownership to 50% each. The acquisition price for the 20% stake in the network is approximately CDN $96 million (subject to the customary closing adjustments).

The very successful TELETOON television network is Canada's first and only 24-hour animation network with programming for audiences of all ages. With English- and French- language services, the network offers viewers classic cartoons and new animation from Canada and around the world. Since its launch in 1997, TELETOON has become one of the most popular viewing options for kids, teens, young adults and families. The network currently reaches over three million Canadian kids aged two to 11 and is available in almost seven million homes.

About Astral Media

Astral Media Inc. is a leading Canadian media company, active in specialty, pay and pay-per-view television, radio and outdoor advertising. Astral Media's solid and dynamic presence in the country's major markets rests on its commitment to offer a unique combination of high-quality, targeted media for all its audiences. Astral Media is listed on the Toronto Stock Exchange under the ticker symbols: ACM.A/ACM.B. Access the Astral Media website at www.astralmedia.com.

About Corus Entertainment Inc.

Corus Entertainment Inc. is a Canadian-based media and entertainment company. Corus is a market leader in specialty television and radio with additional assets in pay television, advertising and digital audio services, television broadcasting, children's book publishing and children's animation. The company's multimedia entertainment brands include YTV, Treehouse, W Network, Movie Central, Nelvana, Kids Can Press and radio stations including CKNW, CKOI and Q107. Corus creates engaging branded entertainment experiences for its audiences across multiple platforms. A publicly traded company, Corus is listed on the Toronto (CJR.B) and New York (CJR) exchanges. Experience Corus on the web at www.corusent.com.

Source: Corus Entertainment Inc.

CONTACT: Alain Bergeron, Vice President, Brand Management and Corporate
Communications, Astral Media Inc., (514) 939-5000; Tracy Ewing, Vice President,
Communications, Corus Entertainment Inc., (416) 642-3792

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