TORONTO - Corus Entertainment Inc. (TSX:CJR.B) is developing Canadian children's book franchise Scaredy Squirrel into a multimedia entertainment property.

The company said Wednesday that it planned to turn the brand, which is based on the books by bestselling author Melanie Watt, into an animated television series, international merchandise and online content.

The agreement is a collaboration between the company's book division Kids Can Press, Nelvana Studios and Nelvana Enterprises divisions. Financial details of the agreement were not disclosed.

"Scaredy Squirrel is a huge publishing success with the potential to become a classic brand," said John Cassaday, president and CEO of Corus Entertainment.

"Our strategy is to leverage our various assets in publishing, production, broadcasting, sales and merchandising, and work closely with our international partners to build this property into an international success."

The animated television series has a 26-episode commitment, and companion shorts will be produced by Nelvana.

The Scaredy Squirrel book series has sold more than 170,000 copies in nine countries around the world.

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