Shaw Communications selling its stake in Corus Entertainment for $548M

Corus Entertainment's headquarters is shown in Toronto on Wednesday, January 13, 2016. (Cole Burston/THE CANADIAN PRESS)

CALGARY - Shaw Communications Inc. is selling its stake in Corus Entertainment Inc. for $548 million.

Under the deal, the cable and telecommunications company will sell 80.63 million class B Corus shares at a price of $6.80 per share through a secondary offering.

Corus shares closed at $8.06 on the Toronto Stock Exchange on Tuesday.

The sale represents a roughly 38 per cent stake in Corus.

Shaw said the money from the sale will be used for general corporate purposes, which may include the repayment of debt.

Corus will not receive any of the proceeds of the sale.