TORONTO — Corus Entertainment has acquired 50% of the Locomotion Channel, a Miami-based pay animation service for young adults in Spain, Portugal and Latin America.
Toronto-based Corus’ interest in Locomotion, which has 7 million subscribers in 27 countries, was acquired from Claxson Interactive Group. In a statement, Corus said it paid “a maximum consideration of $10.5 million and a hold-back in the event of certain economic changes that may impact revenue projections.”
The other half of the company is owned by the Hearst Corp. “This acquisition puts in motion our international expansion in children and animation networks in partnership with one of the leading players in the global entertainment business,” said Corus president-CEO John Cassaday. “The growth potential for Locomotion in new and existing markets, coupled with the programming and distribution opportunities for Nelvana, is consistent with our strategy of leveraging core assets and expertise.”
Locomotion was set up in 1996 as a Spanish- and Portuguese-language pay channel with a special focus on action-oriented animation.