68 Fiscal 2000 represents the Company’s first year as a newly created public company. Corus commenced operations on September 1, 1999. On that date, pursuant to a statutory plan of arrangement (the “Arrangement”), Corus was separated from Shaw Communications Inc. (“Shaw”) as an independently operated, publicly traded com- pany and assumed ownership of Shaw’s radio broadcasting, specialty television, digital audio services and cable advertising services businesses, as well as certain investments held by Shaw. Management’s discussion and analysis of the results of operations is a review of activities and results for the fiscal year ended August 31, 2000 as com- pared to the previous year, and a review of activities and results for the fiscal year ended August 31, 1999 as compared to the previous year. Comments relate to and should be read in conjunction with the audited financial statements. Certain state- ments in this report may constitute forward-looking statements. Such forward looking statements involve risks, uncertainties and other factors which may cause actual results, performance or achievements of the company to be materially differ- ent from any future results, performance or achievement expressed or implied by such forward looking statements. CREATION OF CORUS ENTERTAINMENT INC. The assets transferred to Corus on September 1, 1999 primarily consisted of: 14 radio stations; specialty television networks – YTV, Treehouse TV and CMT (80% owned) as well as interests in TELETOON (20%), Telelatino (20%), The Comedy Network (14.95%), Liberty Digital Inc. (1.6%); and an investment in WIC Western International Communications (”WIC“) (39%). Corus arranged its own credit facility and drew down $300 million which was paid over to Shaw on September 2, 1999 to complete the Arrangement. Therefore, the discussion of the business is as it was operated by Shaw for the fiscal year ended August 31, 1998 and 1999 and by Corus management for the fiscal year ended August 31, 2000. MANAGEMENT DISCUSSION AND ANALYSIS