Business · Companies · 3 days ago
Corus completes restructuring and appoints new board
Corus Entertainment has completed a restructuring and appointed a new board of directors.
The Canadian media company owns 40 television stations and 36 radio stations, and its parent company includes Global News.
Under the plan, lenders exchanged about $500 million in debt for a 99 per cent ownership interest in a new parent company.
Corus says the restructuring will reduce debt and liabilities by more than $500 million, lower annual interest costs by up to $40 million and extend debt maturities by five years.
Former Bell Media president Maryann Turcke will chair the board, which includes Corus CEO John Gossling, former Conservative leader Erin O’Toole, media executive Stuart Garvie and former investment banker Jeremy Walker.
The changes come as Corus faces declining revenue, weak advertising demand and competition from streaming services.
Its existing non-voting shares are expected to be delisted from the Toronto Stock Exchange after trading on October 9.
Corus Entertainment completed its recapitalization, the final step in a restructuring plan approved by the CRTC in September.
The transaction makes Corus Entertainment Inc. a wholly owned subsidiary of Corus Entertainment Holdings Inc.
The restructuring reduces debt and liabilities by more than $500 million, lowers annual cash interest costs by up to $40 million and extends debt maturities by five years.
Corus appointed a new board chaired by former Bell Media president Maryann Turcke.
The board’s challenge includes addressing declining revenue, weak advertising demand and pressure from streaming services.
- Who
- Corus Entertainment completed the recapitalization and appointed a new board chaired by Maryann Turcke.
- What
- The company closed a court-approved restructuring transaction.
- When
- October 8, 2026.
- Where
- Corus is based in Toronto, and the transaction concerns the company and its new parent.
- Why
- The restructuring was intended to reduce debt and strengthen Corus’s financial position.
This story does not have two clearly opposing sides.
Our new capital structure provides a platform that positions Corus for new opportunities and future growth
Our priority is to continue to strengthen Corus’ leadership position in Canada by delivering news that Canadians trust and entertainment that Canadians love
Corus plays a vital role not just in the media industry but also in the fabric of Canadian culture and democracy
Ottawa should strive to adapt its regulatory framework to ensure Canadian sovereignty as its broadcasters compete against dominant American platforms intent on writing the rules for the global digital economy
The CRTC approved Corus’s recapitalization plan.
Corus announced that the recapitalization transaction had closed and named its new board.
Corus’s existing class B non-voting shares were expected to be delisted from the Toronto Stock Exchange at the close of trading.
- Debt and liabilities reduction
- More than $500 million
- Annual cash interest savings
- Up to $40 million
- Debt maturities
- Extended by five years
- Board chair
- Maryann Turcke
- New parent company
- Corus Entertainment Holdings Inc.
- Television and radio stations
- 40 television stations and 36 radio stations
Sources
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