{"id":408902,"date":"2026-01-14T15:30:07","date_gmt":"2026-01-14T15:30:07","guid":{"rendered":"https:\/\/www.newsbeep.com\/ca\/408902\/"},"modified":"2026-01-14T15:30:07","modified_gmt":"2026-01-14T15:30:07","slug":"corus-posts-11-1-million-net-loss-in-first-quarter","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ca\/408902\/","title":{"rendered":"Corus posts $11.1-million net loss in first quarter"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

Corus Entertainment\u2019s proposed recapitalization will be put to a vote on Jan. 30.Fred Lum\/The Globe and Mail<\/p>\n

Corus Entertainment Inc. CJR-B-T<\/a> posted double-digit revenue and profit declines in its first quarter, as the media and television production company prepares to implement a proposed recapitalization plan to restructure its debt-heavy balance sheet. <\/p>\n

Consolidated revenue was down 18 per cent for the quarter ended Nov. 30, while consolidated profit declined by 32 per cent, as Corus attempted to rewire its operations and cope with the decline of its legacy television and radio advertising businesses. <\/p>\n

The company posted a net loss attributable to shareholders of $11.1-million for the quarter, with negative free cash flow of $53.6-million. Shares of Corus were trading at 3 cents on the Toronto Stock Exchange as of Tuesday at market close. <\/p>\n

\u201cOur first quarter results were in line with our expectations, with persistent market headwinds and industry conditions continuing to impact both advertising and subscriber revenue,\u201d said Corus chief executive officer John Gossling.<\/p>\n

Corus lenders revisit a well-worn restructuring path<\/a><\/p>\n

He said the company has made progress related to the proposed recapitalization transaction first announced in November, which will be put to a security-holder vote on Jan. 30. <\/p>\n

The restructuring<\/a> will involve exchanging $500-million in senior unsecured notes for equity in a new parent company, NewCo, that will own Corus. The note holders will own 99 per cent of the new company\u2019s shares. <\/p>\n

All existing Corus shares will be exchanged for shares in the new company collectively worth 1 per cent of the total equity.<\/p>\n

The plan, under the Canada Business Corporations Act, was supported by holders of nearly three-quarters of its total $750-million in senior unsecured notes. <\/p>\n

All lenders under the senior credit facility and the Shaw Family Living Trust, which indirectly holds more than 80 per cent of class A voting shares, have also entered into agreements with the company to support the restructuring.<\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: Corus Entertainment\u2019s proposed recapitalization will be put to a vote on Jan. 30.Fred…\n","protected":false},"author":2,"featured_media":408903,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[901,888,902,879,877,903,45,49,48,876,895,896,891,878,875,46,549,295,894,887,914,880,881,893,889,890,884,904,885,909,910,912,907,911,905,908,882,898,899,714,897,906,865,61,900,892,886,883,913],"class_list":["post-408902","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-alberta","tag-arts-news","tag-bc","tag-breaking-news","tag-breaking-news-video","tag-british-columbia","tag-business","tag-ca","tag-canada","tag-canada-news","tag-canada-sports","tag-canada-sports-news","tag-canada-trafficcanada-weather","tag-canadian-breaking-news","tag-canadian-news","tag-economy","tag-education","tag-environment","tag-federal-government","tag-foreign-news","tag-globe-and-mail","tag-globe-and-mail-breaking-news","tag-globe-and-mail-canada-news","tag-government","tag-life-news","tag-lifestyle","tag-local-news","tag-manitoba","tag-national-news","tag-new-brunswick","tag-newfoundland-and-labrador","tag-northwest-territories","tag-nova-scotia","tag-nunavut","tag-ontario","tag-pei","tag-photos","tag-political-news","tag-political-opinion","tag-politics","tag-politics-news","tag-quebec","tag-sports-news","tag-technology","tag-travel","tag-trudeau","tag-us-news","tag-world-news","tag-yukon"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/408902","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=408902"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/408902\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/408903"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=408902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=408902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=408902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}