The second incarnation of Shaw's media division—formed from the properties of the bankrupt Canwest Global—was subsumed by Corus on April 1, 2016, giving it control of the over-the-air Global network and 19 additional specialty channels.

Further acquisitions by Shaw during this period included CISN-FM Edmonton (1988), CHAY-FM Barrie (1990), CKDK-FM Woodstock (1991), and CFOX-FM and CKLG-AM Vancouver (1992).

Corus would be a separate, publicly traded company, first listed on the Toronto Stock Exchange in September 1999, but it would still be primarily controlled by the Shaw family.

[5] In September 2000, after negotiations and rumoured offers by other studios, Corus announced that it would acquire the Toronto-based animation studio Nelvana for $540 million; the deal was considered to be a complement to its children's television networks (which had often acquired programming from Nelvana), including YTV, Treehouse, and its stakes in Family Channel, Teletoon, and its French counterpart Télétoon.

[12] In May 2002, Corus announced that it had acquired a 50% stake in Locomotion, a Latin American Spanish-language channel focusing primarily of animated television series targeting teens and young adults.

[23] On April 30, 2010, Corus announced that it would sell its Québec radio stations, with the exception of CKRS, to Cogeco for $80 million, pending CRTC approval.

[30][31] In July 2012, the Teletoon Canada venture (50% with Astral Media) similarly launched a Canadian version of Cartoon Network and Adult Swim.

This aspect of the deal, intended to quell concerns from the CRTC regarding Bell's total market share after the merger, was approved by the Competition Bureau on March 18, 2013.

[36] On April 16, 2015, Corus Entertainment announced that it had reached an agreement with the Disney–ABC Television Group to acquire long-term, Canadian multi-platform rights to distribute Disney Channel's programming library and associated brands.

[37][38][39][40][41] On November 20, 2015, Corus announced, as a result of a strategic review, it would cease operating its premium Movie Central and Encore Avenue services on March 1, 2016, in order to focus more on its national specialty channels.

[45] On October 17, 2017, Bell Media announced its intent to acquire Historia and Séries+ from Corus for $200 million, which would have reunited them with former Astral Media channels, such as Canal D, Canal Vie, Vrak (although the network was later shut down on October 1, 2023), and Z. Corus stated that the two channels were not part of its "strategic priorities" at this time.

[48] On May 28, 2018, the sale was blocked and rejected by the Competition Bureau, for violating conditions imposed on Bell that prohibits the company from regaining ownership of divested Astral properties for 10 years.

[49][50] On June 13, 2018, The Globe and Mail reported that the Shaw family was exploring the sale of its shares in Corus, in order to fund future expansion of the Freedom Mobile business.

Corus also took a $1.013 billion write-down on its broadcasting businesses, resulting in a quarterly loss of $935.9 million, and cut its dividend to 24 cents.

[73] On May 25, 2023, Eastlink revealed that it was in a carriage dispute with Corus, resulting in the removal of all Corus-owned specialty channels and Global On Demand from its services on June 27, 2023.

[74] The dispute ended on June 6, 2024, with all of its channels restored to its services, albeit with subscribers required to obtain them via Corus-specific theme packs.

[75] On July 13, 2023, Corus announced the sale of animation software developer Toon Boom to the private equity firm TPG Inc. for $147.5 million to help pay down its debts.

[77] On May 13, 2024, the CRTC approved an "exceptional" request from Corus to reduce its mandatory expenditures into programs of national interest (PNI) from 8.5% to 5% of revenue, allowing it to be reallocated to other forms of Canadian content such as local news.

The measure was intended primarily to help offset the loss of news funding that occurred as a result of the sale of Shaw Communications to Rogers Communications, who reallocated Shaw's community television expenditures in metropolitan markets (previously allocated to Global stations) to its own Citytv stations.

While specific details had yet to be revealed, Murphy made references to it being an "unfortunate example of inequitable structural relationships in the Canadian media and telecom industries, particularly affecting independent broadcasters like Corus".

In addition, the rights to Bravo original programming (which had largely been carried by Slice) would also move to Rogers in September 2024 under an agreement with NBCUniversal, resulting in the launch of a new Bravo-branded channel.

[84] On June 17, 2024, amid these uncertainties, Murphy announced that he would retire as CEO; he was jointly succeeded by Corus CFO Troy Reeb and executive vice president of networks and content John Gossling.

The broadcaster later announced that the Oprah Winfrey Network would cease operating under Corus on September 1, 2024, reducing the specialty channel headcount to 32.

The company cited Rogers' undue preference of foreign streaming service Disney+ over Corus' licensed Disney Branded Television specialty services, including offering plans for its ad-supported version (whose Canadian advertising sales are handled by Rogers) bundled with television subscriptions, and giving Disney+ greater prominence on the program guide and search tools of its Ignite TV platform.

Rogers dismissed the accusations, alleging that Corus had failed to adapt its "broken business model" to changes in viewing habits, and citing the declining viewership and Canadian content investments into the services.

Reeb stated that he considered the two channels' original productions to have historically been their main draws, and felt the new, in-house brands would provide Corus with more flexibility to "go more unique" with their programming and be "a little younger, a little fresher, a little more diverse than what people have traditionally been used to on those lifestyle services".

On September 16, 2024, citing internal sources familiar with the situation,The Globe and Mail reported that Quebecor had been pursuing an acquisition of Corus.

He stated that Corus planned to "[fight] back against the continued encroachment of U.S. tech giants into the Canadian advertising market" by focusing on "the value of our content, of our communities and of our people."

It was also announced that Corus had renegotiated its credit agreements with RBC Capital Markets and TD Securities, increasing its maximum cash flow-to-debt ratio through March 2025.

[103] Following Shaw's 2010 acquisition of Canwest's TV assets, the two companies incidentally became partners in certain channels including Dusk (later replaced by ABC Spark) and the Canadian version of Food Network; these two partnerships were unwound in April 2013.