Mr. Doug Murphy reports

CORUS ENTERTAINMENT ANNOUNCES FISCAL 2022 THIRD QUARTER RESULTS

Corus Entertainment Inc. has released its third quarter financial results.

"Our portfolio of businesses is producing growth on all fronts, delivering strong consolidated revenue gains for the fifth consecutive quarter," said Doug Murphy, president and chief executive officer. "The diversity and resiliency of our business is evident with these results, as we benefit from multiple revenue initiatives, including organic investments, to further expand our digital business, grow our streaming product offering and build out our original content slate in pursuit of international content licensing opportunities. We have unveiled yet another strong fall schedule that once again secures our foothold as Canada's home of leading entertainment and lifestyle programming."

The company advanced its strategic priorities on multiple fronts. Corus expanded its digital and traditional video advertising offerings; unveiled its extensive 2022/2023 programming lineup for Global TV and Corus's portfolio of specialty networks, announced its 2022/2023 original content production slate, and international sales were secured through Corus's content business. The company advanced its capital allocation priorities through investments in the business to support future growth opportunities, maintaining dividends, bank debt repayments and share repurchases.

• The company's Corus Studios announced its largest U.S. output deal ever with streaming platform Hulu. This new multiyear agreement consists of over 400 episodes of lifestyle, renovation, unscripted and crime content from Corus Studios, building on the previously announced sale to Hulu of over 200 episodes last year.
• The company and Paramount Global announced that Pluto TV, the world's leading FAST (free ad-supported streaming television) service, will launch in Canada this fall. Pluto TV will encompass more than 100 unique, curated channels and over 20,000 hours of content, offering a full spectrum of free programming, including drama, comedy, lifestyle, kids, movies, around-the-clock news and more. Corus will act as advertising sales representative in Canada and provide multiple Canadian channels to the service.
• The company announced more than 200 additional hours of Canadian original content across its portfolio of networks. The lineup of premium original content for 2022/2023 includes 45 greenlights and renewals, and more than 600 episodes. Departure and Family Law will return to the Global TV schedule while the Corus Studios slate for 2022/2023 includes 24 titles, with returning hits Island of Bryan and Scott's Vacation House Rules, plus new series Pamela's Garden of Eden and Renovation Resort.
• The company's Global TV unveiled its extensive 2022/2023 programming lineup, featuring returning top hits Survivor, 9-1-1 and CSI: Vegas, and new series Fire Country, Monarch and So Help Me Todd.

Financial highlights:

• Free cash flow of $27.5-million in Q3 and $194.9-million year-to-date compared with $64.7-million and $216.8-million year-to-date, respectively, in the same comparable prior-year periods. The decrease in free cash flow in the third quarter is attributable to a decrease in cash provided by operating activities of $37.5-million. The decrease in free cash flow for the nine months ended May 31, 2022, is mainly attributable to a decrease in cash provided by operating activities of $63.4-million, offset by a $43.5-million venture fund distribution.
• Net debt to segment profit was 2.76 times at May 31, 2022, up from 2.70 at Feb. 28, 2022, but consistent with Aug. 31, 2021. Although net debt decreased from the repayment of bank loans, partially offset by the issuance of senior unsecured notes due 2030 and production financing for an acquired subsidiary, the main driver to the increase in this ratio is the decrease of segment profit for the most recent four quarters.
• In the third quarter, the company purchased 4,018,000 of its Class B non-voting participating shares under a normal course issuer bid at an average acquisition price of $4.29.
• As of May 31, 2022, the company had $51.7-million of cash and cash equivalents and the committed $300-million revolving facility that remains undrawn.

Corus Entertainment reports its financial results in Canadian dollars.

The unaudited interim condensed consolidated financial statements and accompanying notes for the three and nine months ended May 31, 2022, and management's discussion and analysis are available on the company's website in the investor relations section and under the company's SEDAR profile.

A conference call with Corus senior management is scheduled for June 29, 2022, at 8 a.m. ET. While this call is directed at analysts and investors, members of the media are welcome to listen in. The dial-in number for the conference call for local and international callers is 1-647-484-0477 and for North America is 1-800-289-0571. More information can be found on the Corus Entertainment website in the investor relations section.

COVID-19 update

Many provinces and territories have lifted many of the health restrictions related to COVID-19, which has led to a phased return to on-site work across various sectors. However, disruptions caused by prior imposition or removal of public health restrictions, public sentiment about the pandemic and continuing COVID-19 infection rates, including labour shortages, employee absenteeism at the company or its clients and suppliers, changes in consumer demand, and supply chain shortages or disruptions, particularly in the retail, tourism and entertainment sectors, can negatively impact the company's operations and financial performance, including advertising demand and revenue. There can be no certainty that current vaccination and public health measures can mitigate negative impacts caused by the COVID-19 pandemic on the company's business in the short to medium term.

About Corus Entertainment Inc.

Corus Entertainment is a leading media and content company that develops and delivers high-quality brands and content across platforms for audiences around the world. Engaging audiences since 1999, the company's portfolio of multimedia offerings encompass 33 specialty television services, 39 radio stations, 15 conventional television stations, a suite of digital and streaming assets, animation software, technology, and media services. Corus is an internationally renowned content creator and distributor through Nelvana, a world-class animation studio expert in all formats, and Corus Studios, a globally recognized producer of hit scripted and unscripted content. The company also owns innovative full-service social digital agency so.da, lifestyle entertainment company Kin Canada, leading 2-D animation software supplier Toon Boom and children's book publishing house Kids Can Press. Corus's roster of premium brands includes Global Television, W Network, HGTV Canada, Food Network Canada, Magnolia Network Canada, The History Channel, Showcase, Adult Swim, National Geographic, Disney Channel Canada, YTV, Global News, the Global News website, Q107, Country 105 and CFOX, along with broadly distributed Canadian streaming platforms StackTV, Nick+, the Global TV app and Curiouscast.

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