Corus completes recapitalization, names new board after restructuring - The Globe and Mail
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Open this photo in gallery:Corus Entertainment’s corporate head office on Toronto's waterfront. Fred Lum/The Globe and MailCorus Entertainment Inc. CJR-B-T has completed its recapitalization plan and named its new board of directors, who will aim to strengthen the ailing media company’s balance sheet as it deals with declining revenue and weak advertising demand. The board faces the challenge of turning around a company affected by numerous rounds of job cuts and operating amid industrywide pressures on traditional broadcasting. Meanwhile, Corus has been forced to compete with streaming giants for viewers’ attention. The company struck an agreement with debtholders last year in order to maintain operations as it struggled with a heavy debt load and liquidity constraints. The restructuring, approved by the telecom regulator in September, saw some of the company’s lenders exchange approximately $500-million in debt for a 99-per cent ownership interest in new parent company Corus Entertainment Holdings Inc., which will manage the company’s 40 television stations and 36 radio stations.
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