An anonymous director reports

CORUS ENTERTAINMENT RECEIVES TSX APPROVAL TO AMEND NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted the notice filed by Corus Entertainment Inc. to amend its normal course issuer bid (NCIB). The amendment increases the maximum number of Class B non-voting shares that may be repurchased, from 9,669,705 Class B non-voting shares, representing approximately 5% of the Company's 'public float' as at January 3, 2022, to 19,339,410 Class B non-voting shares, representing approximately 10% of the Company's 'public float' as at January 3, 2022. Daily repurchases will be limited to a maximum of 231,935 Class B non-voting shares, representing 25% of the average daily trading volume for the six months ended December 31, 2021 (being 927,743 Class B non-voting shares), except where purchases are made in accordance with the "block purchase exception" of the TSX rules. No other terms of the NCIB have been amended.

Purchases under the NCIB began on January 17, 2022 and will terminate no later than January 16, 2023, and are made by way of normal course purchases effected through the facilities of the TSX, other designated exchanges and/or alternative Canadian trading systems. Under its current NCIB, as of July 27, 2022, the Company has repurchased 7,646,900 Class B non-voting shares, at a weighted-average price of $4.30.

In deciding to amend the NCIB, the Company believes that, while the macroeconomic environment will likely be challenging in the short to medium term, the market price of the Class B non-voting shares may not, from time to time, fully reflect their long-term value. Accordingly, the purchase of the Class B non-voting shares would be in the best interest of the Company and an attractive and appropriate use of available funds. Although the Company has a present intention to acquire its Class B non-voting shares pursuant to the NCIB, the Company will not be obligated to make any purchases and purchases may be suspended by the Company at any time.

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 encompasses 33 specialty television services, 39 radio stations, 15 conventional television stations, a suite of digital and streaming assets, animation software, and 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, Globalnews.ca, Q107, Country 105 and CFOX, along with broadly distributed Canadian streaming platforms StackTV, Nick+, the Global TV app and Curiouscast.

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