05:54:02 EDT Wed 24 Jul 2024
Enter Symbol
or Name

Corus Entertainment Inc
Symbol CJR
Shares Issued 196,074,764
Close 2024-06-12 C$ 0.235
Market Cap C$ 46,077,570
Recent Sedar Documents

Globe says Shine keeps Corus at "underperform"

2024-06-12 06:59 ET - In the News

The Globe and Mail reports in its Wednesday, June 12, edition that in response to Warner Bros. Discovery's decision not to renew some of its programming and trademark output arrangement upon their expiry on Dec. 31 National Bank analyst Adam Shine axed his share target for Corus Entertainment back by 15 cents to 25 cents. Analysts on average target the shares at 42 cents. Mr. Shine has reaffirmed his "underperform" recommendation. Mr. Shine says in a note: "The WBD deals in question involve HGTV Canada, Food Network Canada, Cooking Channel Canada, Magnolia Network Canada and OWN (Oprah Winfrey Network) Canada. These channels generated roughly $155-million in revs and just under $50-million in EBITDA in fiscal 2022 per CRTC filings which don't include high-margin digital sales (estimated over $17-million) generated via STACKTV. While this programming will move to Rogers [rated 'outperform'], it remains to be seen how Corus will rebrand these channels and find alternative content suppliers. We'll see what else management might have to say in two weeks regarding WBD, but results in 2024 continue to show weak top-line performance and greater TV EBITDA pressure post-Q1."

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