- Company continues to have access to Credit Facility; currently
expects to provide a further update regarding the Credit Facility
with upcoming fourth quarter and year end financial results
disclosure
TORONTO, Oct. 15,
2024 /CNW/ - Corus Entertainment Inc. (TSX: CJR.B)
("Corus" or the "Company") provided an update today that it is
continuing to productively engage with the members of the bank
group for its Sixth Amended and Restated Credit Agreement, led by
RBC Capital Markets and TD Securities as co-leads (as amended from
time to time, the "Credit Facility"). In conjunction with its
fourth quarter and year end financial reporting on October 25, 2024, the Company currently expects
to provide further updates regarding any changes to the terms of
the Credit Facility. Corus continues to have access to the Credit
Facility pursuant to an amendment to the Credit Facility on the
previously disclosed terms.
"In addition to the progress we have made in our discussions
with the Credit Facility syndicate members, we are making strides
in advancing our comprehensive plan to strengthen our balance sheet
and manage liabilities," said John
Gossling, Co-Chief Executive Officer and Chief Financial
Officer. "Corus continues to execute our business strategy,
developing and delivering exceptional brands and content, growing
our valuable, core assets, such as the newly announced Flavour
Network and Home Network, and working with our many partners who
recognize the strength of Corus' fundamentals."
A copy of the amendment to the Credit Facility will be filed
under the Company's profile on SEDAR+ at www.sedarplus.ca.
Caution Concerning Forward-Looking Information
This press release contains forward-looking information and
should be read subject to the following cautionary language:
To the extent any statements made in this press release contain
information that is not historical, these statements are
forward-looking statements and may be forward-looking information
within the meaning of applicable securities laws (collectively,
"forward-looking information"). This forward-looking information
may relate to, among other things, the Company's objectives, goals,
strategies, targets, intentions, plans, estimates and outlook,
including but not limited to anticipated actions regarding or
impacts to the Company's liquidity, leverage target, ability to
repay debt and/or renegotiate existing debt terms; the Company's
strategic plan; anticipated revenue trends; the Company's
dividend policy and the payment of future dividends; the Company's
ability to manage retention and reputation risks; the Company's
ability to maintain necessary access to loan and credit facilities;
and expectations regarding financial performance, including capital
allocation, liability management and capital structure strategy and
management, operating costs and tariffs, taxes and fees; and can
generally be identified by the use of words such as "believe",
"anticipate", "expect", "intend", "plan", "will", "may" or the
negatives of these terms and other similar expressions. In
addition, any statements that refer to expectations, projections or
other characterizations of future events or circumstances may be
considered forward-looking information.
Although Corus believes that the expectations reflected in such
forward-looking information are reasonable, such information
involves assumptions, risks and uncertainties and undue reliance
should not be placed on such statements. Certain material factors
or assumptions are applied with respect to the forward-looking
information, including without limitation, factors and assumptions
including: the impact of any recessionary conditions and any
continuing supply chain constraints; the potential impact of new
competition and industry mergers and acquisitions; audience
acceptance of the Company's television and audio programs and
networks; changes to applicable tax, licensing and regulatory
regimes (or interpretation thereof), inflation and interest rates,
stability of the advertising, subscription, production and
distribution markets; the actions of creditors; changes to the
terms of relevant credit and loan facilities or agreements; the
Company's ability to successfully defend itself against litigation
matters and complaints; a failure to meet covenants under the
Company's senior credit facility, senior unsecured notes or other
instruments or facilities; changes to key suppliers or clients or
terms of related agreements; operating and capital costs and
tariffs, taxes and fees; physical and operational changes to the
Company's key facilities and infrastructure; the Company's ability
to source, produce or sell desirable content; and the Company's
capital and operating results, including results and impacts of any
capital, liability management or related actions, being consistent
with its expectations. Actual results may differ materially from
those expressed or implied in such information.
Additional information about these and other risk factors and
about the material assumptions underlying any forward-looking
information may be found under the heading "Risks and
Uncertainties" in the Company's Management's Discussion and
Analysis for the year ended August 31,
2023 and under the heading "Risk Factors" in the Company's
Annual Information Form for the year ended August 31, 2023. Corus cautions that the
foregoing list of important assumptions and factors that may affect
future results is not exhaustive. When relying on the Company's
forward-looking information to make decisions with respect to
Corus, investors and others should carefully consider the foregoing
factors and other uncertainties and potential events. Unless
otherwise specified, all forward-looking information in this
document speaks as of the date of this document and may be updated
or amended from time to time. Except as otherwise required by
applicable securities laws, Corus disclaims any intention or
obligation to publicly update or revise any forward-looking
information whether as a result of new information, events or
circumstances that arise after the date thereof or otherwise.
About Corus Entertainment Inc.
Corus Entertainment Inc. (TSX: CJR.B) 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 32 specialty television services, 37 radio
stations, 15 conventional television stations, digital and
streaming platforms, and social digital agency and media services.
Corus' roster of premium brands includes Global Television, W
Network, Flavour Network and Home Network (launching soon), The
HISTORY® Channel, Showcase, Adult Swim, National
Geographic and Global News, along with streaming platforms STACKTV,
TELETOON+, the Global TV App and Curiouscast. Corus is also the
domestic advertising representative and an original content partner
for Pluto TV, a Paramount Company, which is the leading free
ad-supported streaming television (FAST) service. Corus is an
internationally-renowned content creator, producer and distributor
through Corus Studios and Nelvana. For more information
visit www.corusent.com.
SOURCE Corus Entertainment Inc (IR Group)