TORONTO – Corus Entertainment Inc. said Friday it is still waiting for regulatory and stock exchange approvals to move forward with its recapitalization plan as it reported a loss in its latest quarter and a 15 per cent drop in revenue compared with a year earlier.
Chief executive John Gossling said the timing for those steps to be completed remains unclear, as it depends largely on the regulatory process.
“We’re dealing with the transfer of broadcast licences here, so that’s the typical CRTC process,” he said Friday on a conference call, as Corus reported its earnings for the second quarter.
“I don’t think it’s really particularly complicated. It just takes time and there’s a fair amount of information that needs to be considered and provided.”
Last month, Corus received an order from the Ontario Superior Court to proceed with its recapitalization plan, which would see its debtholders take ownership of the company.
Under the agreement, first announced in November, $500 million of its senior notes would be exchanged for 99 per cent of the shares in the restructured company. Existing Corus shareholders would be expected to swap their holdings for shares representing one per cent of the new company.
Corus sought court approval for the proposal after a shareholder vote in January failed to pass.
The radio and television broadcaster indicated that 99.9 per cent of votes cast by senior noteholders were in favour of the proposal, as were 99.7 per cent of votes cast by class A shareholders. However, holders of just 61.2 per cent of the company’s class B shares who voted were in favour of the deal, falling short of the two-thirds threshold required.
Mark Hollinger, independent lead director of the Corus board, said at the time that the recapitalization deal represents the “best viable option to secure Corus’ future while preserving the most shareholder value.”
The deal is expected to reduce the company’s debt and see annual cash interest savings of up to $40 million.
“This transaction is designed to significantly improve our balance sheet, enhance liquidity, and give us greater flexibility to invest in the business outcomes we believe are in the best interest of the company and our stakeholders,” Gossling said.
The company’s loss attributable to shareholders in its latest quarter amounted to $6.1 million or three cents per share, compared with a loss of $55.9 million or 28 cents per share in the same quarter last year.
On an adjusted basis, Corus says it lost four cents per share in the quarter ended Feb. 28 compared with an adjusted loss of 21 cents per share a year earlier.
Revenue totalled $230.2 million for what was the company’s second quarter, down from $270.4 million.
Television revenue amounted to $212.4 million, down from $251.8 million a year earlier, while radio revenue totalled $17.7 million, down from $18.5 million.
Gossling said Corus’ channels faced “expected” pressure over the quarter as the Winter Olympics delayed its winter and spring schedule, “along with audience and financial impacts consistent with prior Olympic years.”
“These included shifts in the timing of programming and marketing costs, as well as temporary disruptions to advertising investment and viewing patterns,” he said.
This report by The Canadian Press was first published April 10, 2026.
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