Mr. John Gossling reports

CORUS ENTERTAINMENT ANNOUNCES AMENDMENT OF CREDIT FACILITY

Corus Entertainment Inc. has completed an agreement to amend its sixth amended and restated credit agreement with its bank group, led by RBC Capital Markets and TD Securities, as co-leads, dated March 18, 2022, as last amended on May 30, 2024. Pursuant to the amendment, among other things, the maximum total debt to cash flow ratio required under the financial covenants has been increased to 4.75 through to and including Oct. 15, 2024, with ability for the company to request advances under the revolving facility to a certain limit. There are also requirements to use any excess cash to repay outstanding balances on the revolving facility and certain terms related to the use of proceeds on asset disposals, the ability to incur certain indebtedness, the ability to designate certain subsidiaries and certain reporting requirements, have also been amended. All terms are as defined in the credit facility and amendments thereto.

"Entering into this amendment is a prudent step as part of a more comprehensive plan we are working through to strengthen our balance sheet and manage liabilities," said John Gossling, co-chief executive officer and chief financial officer. "Corus is a critical independent player in the Canadian broadcast industry with a portfolio of valuable assets. We continue to take the necessary steps to create and deliver premium content, and engage audiences across Canada."

A copy of the amendment to the credit facility will be filed under the company's profile on SEDAR+.

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 32 specialty television services, 38 radio stations, 15 conventional television stations, digital and streaming platforms, 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 full-service social digital agency so.da, lifestyle entertainment company Kin Canada 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 streaming platforms StackTV, Teletoon+, the Global TV app and Curiouscast. Corus is the domestic advertising representative and an original content partner for Pluto TV, a Paramount company, which is the leading free ad-supported streaming television (FAST) service.

We seek Safe Harbor.