The Globe and Mail reports in its Tuesday, Nov. 4, edition that Corus Entertainment plans a major recapitalization to reduce debt and interest costs while diluting existing shares. The Globe's Irene Galea writes that the restructuring involves exchanging $500-million in senior unsecured notes for equity in a new parent company, NewCo, which will own Corus Entertainment. Note holders will own 99 per cent of the new company's shares, while existing Corus shareholders will receive shares worth just 1 per cent of total equity. The proposed recapitalization aims to relieve the company's heavy debt as it tries to restructure operations amid declining revenue in its traditional television and radio advertising sectors. Despite staff cuts and efforts to improve programming efficiency, Corus has faced ongoing declines in revenue and profit, reflecting challenges within the broader broadcast industry. The plan, supported by nearly 75 per cent of the $750-million in senior unsecured notes, is backed by lenders of the senior credit facility and the Shaw Family Living Trust, which holds over 80 per cent of Class A voting shares. The restructuring requires court, shareholder and TSX approvals.