Integrated Media Company completed the acquisition of Toon Boom Animation from Corus-backed Nelvana for $112m.

Integrated Media Company, a full-service digital marketing agency, completed the acquisition of Toon Boom Animation, a Canadian software company, from Corus-backed Nelvana, a Canadian animation studio and entertainment company, for $112m. "The closing of this transaction is a purposeful step towards streamlining our operating model and rationalizing our asset base as we work to build a powerful multiplatform business aggregating premium video content. The sale of the animation software business will provide additional financial flexibility, with net proceeds allocated towards the repayment of bank debt. We remain focused on advancing our strategic plan and its priorities to strengthen our value proposition in the evolving media landscape," Colin Bohm, Corus Entertainment Executive Vice President.