Corus Entertainment says it has completed a recapitalization transaction announced in November and has appointed a new board of directors.
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Corus Entertainment Inc. says it has completed a recapitalization transaction first announced in November of last year and has appointed a new board of directors.
The company says the deal provides for some of its lenders to forgive approximately $500 million in debt in exchange for 99 per cent ownership of a newly created parent corporation that would wholly own Corus and its services.
Corus says its class B non-voting shares are expected to be delisted from the Toronto Stock Exchange at the end of the Oct. 9 trading day, with new shares beginning trading on Oct. 13.
Corus also says it received Canadian Radio-television and Telecommunications Commission approval in September for its plan, which shifts effective control of all licensed programming services operated by Corus and its subsidiaries.
In the CRTC’s decision summary, the regulator said Corus is facing “significant financial challenges” and that the transaction would help ensure it continues to be part of the Canadian broadcasting industry.
Corus says it owns 25 specialty television services, 15 conventional stations and 36 radio stations, as well as digital and streaming platforms.
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