04:27:11 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 Corus reducing staff at Global News

2024-06-13 07:01 ET - In the News

The Globe and Mail reports in its Thursday, June 13, edition that Corus Entertainment is reducing staff in its Global News division. The Globe's Pippa Norman writes that the decision follows news that Corus could lose programming next year due to a deal between Warner Bros. Discovery and Rogers Communications, which will grant Rogers the rights to content, including HGTV and Food Network. Corus spokesman Anna Arnone stated: "As part of our ongoing business evaluation and efficiency review, we have made changes at Global News today, resulting in some job impacts. These changes are a response to the current economic and regulatory environment that we and other media organizations are facing." Corus shares have declined significantly in recent years, dropping to 24 cents in Toronto, down from levels above $6 in 2021. On the same day as the layoff announcement, a report by TD Cowen analysts suggested that if Rogers successfully takes over all of Corus's content and branding deals with Warner without compensation, Corus shares could plummet to zero. Furthermore, on Friday, Corus revealed that Warner Bros. had informed it that some of its programming and trademark agreements would conclude on Dec. 31 and not be renewed.

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