On July 13, 2023, Corus Entertainment Inc. announced that its subsidiary, Nelvana Limited, will be selling its Montreal-based animation software company, Toon Boom Animation Inc., to Integrated Media Company (IMC), a platform under TPG focusing on the new media ecosystem. The all-cash deal is valued at approximately $147.5 million CAD. Colin Bohm, EVP of Content and Corporate Strategy at Corus, highlighted the sale as a strategic move to exit the animation software sector, which aligns with Corus's goal of refining its focus. Toon Boom, known for its award-winning 2D animation software, became fully owned by Corus in 2012 and has since witnessed steady growth. Its clientele spans global animation studios and educational institutions. IMC's Yuning Zhang praised Toon Boom's platform for its comprehensive animation capabilities and sees potential for expansion into new markets. The sale is expected to be finalized later in 2023 and will provide Corus with net proceeds of around $142 million CAD, intended to settle outstanding bank debt. In terms of advisory roles, LionTree Advisors acted as the financial advisor for Corus, with legal counsel from McCarthy Tétrault LLP. IMC was legally represented by Weil, Gotshal & Manges LLP and Davies Ward Phillips & Vineberg LLP.