Corus Entertainment has announced a deal to acquire all of Shaw Media’s assets from Shaw Communications in a deal worth $2.65 billion.

The transaction will give Corus ownership of all of Shaw Media’s brands, including specialty channels like Food Network Canada, HGTV Canada, Slice and History Canada. It also includes Global Television’s national conventional service with stations in Vancouver, Okanagan, Edmonton, Calgary, Lethbridge, Saskatoon, Regina, Winnipeg, Toronto, Montreal, Halifax and Saint John.

Corus and Shaw’s combined portfolio will include 45 specialty television channels, 39 radio stations, digital assets, the content studio, Nelvana and 15 conventional television stations.

“This is a transformational acquisition that redefines Corus and Canada’s media landscape,” said Doug Murphy, president and CEO, Corus Entertainment in a release on the deal. Shaw Communications Inc. will also hold 39% of Corus’ shares following the closure of the deal.

“This is a pivotal transaction that will create one of Canada’s leading integrated media and content companies, with the scale and media assets to succeed in the new regulatory environment,” said Brad Shaw, CEO, Shaw Communications Inc. “Our significant investment in the new Corus demonstrates our commitment to the success of this powerful combination.”

Barbara Williams, EVP, broadcasting and president, Shaw Media, will move to Corus on the senior leadership team pending the deal closing. The rest of the executive team for the combined company will be announced when the deal is finalized, according to the release.

The acquisition is subject to approval from the CRTC, as well as Corus shareholders. The deal is currently expected to close at the end of the third quarter of fiscal 2016.

Corus and Shaw Media combined generated $1.9 billion in revenue in fiscal 2015.