Shaw exits Corus and Shaw remains

Corus Entertainment Inc. (TSX: CJR.B) and Shaw Communications Inc. (TSX: SJR.B) have entered into an agreement with a syndicate of underwriters led by TD Securities Inc. , pursuant to which the underwriters have agreed to purchase from Shaw Communications, on a bought deal basis, an aggregate of 80,630,383 Class B non-voting participating shares of Corus at a price of $6.80 per Class B share for total gross proceeds to Shaw Communications of $548,286,604.

Shaw Communications does not currently own any Class A voting shares and upon completion of the offering, Shaw Communications will not own or control, directly or indirectly, any Class A shares or Class B shares.

The offering is expected to close on or about May 31, 2019.

The exit of Shaw Communications has little effect on the control of Corus. Corus remains controlled by Shaw family.

Only the holders of Class A voting shares are entitled to vote. As at November 23, 2018, Corus had 3,415,192 Class A voting shares, 2,885,530 (84%) of which is controlled by JR Shaw and family. Cathton Investments Ltd., a company controlled by Catherine Roozen, a director of Corus, controls 343,332 Class A voting shares, representing approximately 10% of the outstanding Class A voting shares.

JR Shaw and family controls 78% of voting shares in Shaw Communications.

photo credit: Corus Entertainment

News Release

CORUS ENTERTAINMENT INC. ANNOUNCES SECONDARY OFFERING OF CLASS B NON-VOTING PARTICIPATING SHARES

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

For Immediate Release

TORONTO, ONTARIO, May 14, 2019: Corus Entertainment Inc. (“Corus” or the “Company”) (TSX: CJR.B) announced today that Corus, together with Shaw Communications Inc. (“Shaw” or the “Selling Shareholder”), have entered into an agreement with a syndicate of underwriters led by TD Securities Inc. (the “Underwriters”), pursuant to which the Underwriters have agreed to purchase from the Selling Shareholder, on a bought deal basis, an aggregate of 80,630,383 Class B non-voting participating shares (“Class B Shares”) of Corus at a price of $6.80 per Class B Share (the “Offering”), for total gross proceeds to the Selling Shareholder of $548,286,604. Corus will not receive any of the proceeds from the Offering.

The Selling Shareholder does not currently own any Class A participating shares (“Class A Shares”) of the Company. Upon completion of this offering, the Selling Shareholder will not own or control, directly or indirectly, any Class A Shares or Class B Shares.

The closing is expected to occur on or about May 31, 2019, subject to customary closing conditions.

The Class B Shares will be offered by way of a short form prospectus to be filed with the Canadian securities regulators in all of the provinces of Canada and may also be offered in the United States to qualified institutional buyers pursuant to Rule 144A under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and corresponding exemptions from registration under state securities laws.

No securities regulatory authority has either approved or disapproved of the contents of this news release. The securities being offered have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, any U.S. persons (as defined in Regulation S under the U.S. Securities Act) unless pursuant to an exemption from those registration requirements. This news release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of Corus in the United States or any other jurisdiction in which such offer, solicitation or sale would be unlawful.

About Corus Entertainment Inc.

Corus Entertainment Inc. is a leading media and content company that develops and delivers high quality brands and content across platforms for audiences around the world. The company’s portfolio of multimedia offerings encompass 37 specialty television services, 39 radio stations, 15 conventional television stations and a suite of digital assets, animation software, technology and media services. Corus is an established creator of globally distributed content through Nelvana animation studio, Corus Studios, and children’s book publishing house Kids Can Press. The Company also owns innovative full-service social digital agency so.da, and lifestyle entertainment company Kin Canada. Corus’ roster of premium brands includes Global Television, W Network, HGTV Canada, Food Network Canada, HISTORY®, Showcase, National Geographic, Disney Channel Canada, YTV and Nickelodeon Canada, Global News, Globalnews.ca, Q107, Country 105, and CFOX. Visit Corus at www.corusent.com.

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For further information, please contact:

Doug Murphy
President and Chief Executive Officer
Corus Entertainment Inc.
Doug.Murphy@corusent.com

Heidi Kucher
Director, Investor Relations
Corus Entertainment Inc.
Heidi.Kucher@corusent.com

John Gossling
Executive Vice President and Chief Financial Officer
Corus Entertainment Inc.
John.Gossling@corusent.com

Melissa Eckersley
Corporate Communications Lead
Corus Entertainment Inc.
Melissa.Eckersley@corusent.com

Ted Liu

Ted Liu, M.Sc. (Mining, Queen's), MBA (Finance, Toronto), is the Editor of Private Capital Journal, CanadaMetals.ca, TechWire.ca, and the former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, having most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA).

Ted is the architect of CVCA infobase, and is the architect of CPE Media's Financings.ca, Canada's most sophisticated and advanced all private capital and public market financing database.