Ms. Heidi Kucher reports

CORUS ASSIGNS AND AMENDS CREDIT AGREEMENT, EXTENDS MATURITY DATE

Corus Entertainment Inc. has completed an assignment of all the indebtedness and obligations under its seventh amended and restated credit agreement dated Oct. 24, 2024, as amended to existing, Canadian strategic debtholders. The company also completed an agreement to amend and restate the credit facility to, among other things, increase the maximum amount the company may request as an advance on a revolving basis to $75-million, remove certain requirements to use excess cash to repay the outstanding amounts on such advances, fix the interest rate per annum equal to the two-year Canada interest rate determined on March 17, 2025, plus 4.75 per cent, and increase the maximum total debt to cash flow ratio required under the financial covenants to 9.5:1.00 through and including Dec. 31, 2025. The maturity date of the updated credit facility is now March 20, 2027. All terms are defined in the updated credit facility.

"This is an important and significant step in progressing our capital and debt plan, accomplished with the cooperation of lenders and constructive support of key debt investors," said John Gossling, co-chief executive officer and chief financial officer. "We are better positioned to create sustainability in our business, and we expect our efforts to right-size will be ongoing as we anticipate ongoing shifts and factors affecting our industry in the near term. That said, today's announcement clearly reinforces our commitment and ability to provide Canadians with the shows, news and audio content they love and expect from Corus."

A copy of the updated 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 encompass 30 specialty television services, 37 radio stations, 15 conventional television stations, digital and streaming platforms, and social digital agency, and media services. Corus's roster of premium brands includes Global Television, W Network, Flavour Network, Home Network, The History Channel, Showcase, Slice, Adult Swim, National Geographic and Global News, along with streaming platforms StackTV, Teletoon+, the Global TV App and Curiouscast. Corus is also an internationally renowned content creator, producer and distributor, as well as the domestic advertising representative and an original content partner for Pluto TV, a Paramount company.

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