The Financial Post reports in its Wednesday, March 8, edition that television and radio company Corus Entertainment is cutting its quarterly dividend. A Canadian Press dispatch to the Post reports that Corus executive chairman Heather Shaw said the money that would have gone to dividends is expected to be directed to debt repayment. The company said it will now pay a quarterly dividend of three cents per Class B non-voting share and 2.875 cents per Class A share. The payout compares with its previous quarterly dividend rate of six cents per Class B share and 5.875 cents per Class A share. Corus also said it is revising its dividend payment schedule. The dividend for its third quarter will be paid on March 31. Thereafter its expected quarterly payment dates will shift to August, November, February and May compared with June, September, December and March.
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