Lenders Take Control of Corus, Ending Billionaire Shaws’ Reign

Lenders are set to take over Canadian broadcaster Corus Entertainment Inc. after reaching an agreement to swap their debt for equity, ending decades of control by the billionaire Shaw family.

The owner of Global Television and a slate of specialty TV channels said Monday it has reached a deal with lenders and bondholders to reduce debt and other liabilities by more than C$500 million ($356 million). The transaction, which will be carried out through a court-supervised process, is expected to trim annual interest expenses by as much as C$40 million.

Under the plan, Corus will trade C$500 million of senior ...