The Financial Post reports in its Friday, July 14, edition that Corus Entertainment says it has inked a deal to sell its Montreal-based animation software subsidiary Toon Boom Animation Inc. to Integrated Media Company for $147.5-million in cash. A Canadian Press dispatch to the Post reports that Colin Bohm, executive vice-president of content and corporate strategy at Corus, says the move will free up capital, increase the company's financial flexibility and sharpen its focus. Toon Boom's software is used for animation, story-boarding and production management. Founded in 1994, Corus bought a 50-per-cent interest in Toon Boom in 2004 and acquired the remaining interest in 2012. Corus says the deal is expected to generate about $142-million in net proceeds to be used to repay debt.