Sale of media division to Corus boosts Shaw Communications results

CALGARY – Shaw Communications says its profits more than tripled in the third quarter, boosted by the sale of its media division to Corus Entertainment Inc. (TSX:CJR.B)

The Calgary-based company (TSX:SJR.B) says it earned $704 million or $1.44 per diluted share for the three months ending May 31, up from $209 million or 42 cents per diluted share in the same quarter a year ago.

The results included a $615 million one-time gain on the sale of Shaw Media to Corus for $2.65 billion in cash and shares.

Revenue in the quarter was $1.28 billion, an increase of 13 per cent from $1.14 billion.

In addition to the Corus deal, Shaw acquired Wind Mobile earlier this year for $1.6 billion.