Corus Entertainment to Purchase Nelvana

Corus Entertainment Inc., a Canadian broadcaster whose holdings include children’s television channels, agreed to buy Nelvana Inc., which makes animated shows for kids, for $372.9 million in cash and stock. Corus will pay $32.34 for each Nelvana share. Sixty percent of the price will be paid in cash and 40% in Class B nonvoting shares. Toronto-based Corus plans to sell distribution rights to Nelvana-produced children’s shows, including “Franklin” and “Babar,” to other television stations. Corus, the former media unit of Shaw Communications Inc., will get revenue from books, toys and other products based on characters from Nelvana programs.