Shaw Communications is spawning a new entertainment outlet to be created from its media assets.

Recently approved by the crtc, Corus Entertainment will be spun off as a separate, publicly traded company. Shares will be distributed to the existing Class a and Class b shareholders of Shaw.

Corus’ tv assets will include ytv and Treehouse tv, and it will also own 15% of The Comedy Network, 20% of Telelatino and 20% of Teletoon.

Expansion plans include applications to the crtc for two new English specialty channels: Chaos, targeted at teens, and The Edge, a rock music network.

‘Our focus on children’s programming and music provides a platform for future diversification into such entertainment sectors as program production, new media and publishing, which in turn will allow Corus to showcase and develop Canadian talent to its fullest,’ says Heather Shaw, newly appointed executive chair of Corus and former president of Shaw advertising services, in a release.

John Cassaday, former president and ceo of Shaw Media, has been appointed president and ceo of Corus; Thomas C. Peddie, former president and ceo of WIC Western International Communications, has been named senior vp and cfo; and ytv president Paul Robertson will add president of Corus’ tv division to his title.

Corus will employ roughly 1,120 people through its owned and operated properties. The final step in the establishment of the new company is expected around Sept. 1.