Corus to buy Shaw Media

A shake-up in the broadcast industry Wednesday morning.

Corus Entertainment says it’s entered into an agreement to buy all of Shaw Media from Shaw Communications for $2.65 billion.

Shaw Media includes the Global Television Network and 19 specialty channels including HGTV Canada, Food Network Canada and Showcase.

Corus already owns a number of other specialty TV channels as well as a network of radio stations and Nelvana Animation Studio.

Combined Shaw Media and Corus employ more than 4,000 people and there could be possible job reductions as a result of this deal.

Both companies are already controlled by the Shaw family through its multiple-voting shares.