US EditionPublished • loading... • Updated
Corus Entertainment $11.1M first-quarter loss, revenue down 18 per cent
Corus will swap $500 million in debt for equity, with noteholders gaining 99% control as revenue dropped 18% and losses reached $11.1 million this quarter.
- Corus Entertainment Inc. proposed exchanging $500-million in senior unsecured notes for equity in NewCo, with shareholders and holders of the company's outstanding unsecured senior notes voting on Jan. 30.
- For the quarter ended Nov. 30, Corus Entertainment Inc. posted a net loss of $11.1 million as revenue fell to $267.6 million.
- The company recorded negative free cash flow of $53.6-million, and John Gossling, Corus chief executive officer, said results reflected persistent market headwinds affecting advertising and subscriber revenue.
- Holders of senior unsecured notes supported the plan, backed by lenders under the senior credit facility and the Shaw Family Living Trust, which supports over 80 per cent of class A voting shares.
- With the recapitalization first announced in November last year, Corus said all existing Corus shares will be exchanged for NewCo shares collectively worth 1 percent of equity, leaving note holders with 99 percent.
Insights by Ground AI
11 Articles
11 Articles
Corus Entertainment $11.1M first-quarter loss, revenue down 18 per cent
Television and radio broadcaster Corus Entertainment Inc. reported a loss of $11.1 million in its latest quarter compared with a profit of $11.9 million in the same quarter a year earlier as its revenue fell 18 per cent.
·Canada
Read Full Article
Great Expectations: Corus CEO Pleased With Progress
TORONTO — Television segment revenue was down by 19% as profits fell by 35%, year-over-year. The Radio unit, perhaps thanks to expense reductions, saw income rise by 38% despite a 4% dip in revenue. Those fiscal Q1 2026 results were in line with Corus Entertainment executives, as CEO John Gossling expressed pleasure with the fiscally fragile company’s “significant progress” linked to its proposed recapitalization transaction — a plan that will s…
Coverage Details
Total News Sources11
Leaning Left3Leaning Right0Center3Last UpdatedBias Distribution50% Left, 50% Center
Bias Distribution
- 50% of the sources lean Left, 50% of the sources are Center
50% Center
L 50%
C 50%
Factuality
To view factuality data please Upgrade to Premium
