Aircraft Pictures has bought back a majority of its shares from Corus Entertainment.
The Toronto-based production company’s co-founders Anthony Leo and Andrew Rosen have been returned as its sole shareholders.
Corus purchased a majority stake in the independent scripted content company in 2022 as part of a plan to accelerate its expansion into the global content business. Aircraft is best known for Netflix and StackTV after school coming-of-age drama Geek Girl, award-winning Canadian kids’ series Holly Hobbie, and 2017 Oscar-nominated animated feature The Breadwinner.
“Our team at Aircraft Pictures has been truly fortunate to work with our colleagues at Corus over the past two and half years,” said Leo, Co-President, Aircraft Pictures, in a release. “This partnership has allowed Aircraft to take advantage of additional resources and opportunities that have helped position the company for growth as we head into our twentieth year in business.”
“It has been a pleasure working alongside Andrew and Anthony as Corus has long been a champion of Aircraft Pictures’ exceptional storytelling,” added Troy Reeb, Co-CEO, Corus Entertainment. “As we continue to refine Corus’ content business, we look forward to seeing their ongoing growth in the global marketplace and wish them well on their next chapter.”
The share repurchase comes as Corus continues its focus on cost-cutting, which includes completion of a 25% workforce reduction by the end of August.
That’s encompassed the elimination of a number of positions at its kids content producer and distributor Nelvana, where all development activities at the studio are paused. Corus restructured its Original Content leadership team in January.
Corus shares were trading up slightly on the TSX on Tuesday afternoon at .10 cents.
Subscribe Now – Free!
Broadcast Dialogue has been required reading in the Canadian broadcast media for 30 years. When you subscribe, you join a community of connected professionals from media and broadcast related sectors from across the country.
The Weekly Briefing from Broadcast Dialogue is delivered exclusively to subscribers by email every Thursday. It’s your link to critical industry news, timely people moves, and excellent career advancement opportunities.
Let’s get started right now.
