- Consolidated revenue decreased 18% for the quarter
- Consolidated segment profit(1) decreased 32% for the quarter
- Consolidated segment profit margin(1) of 21% for the quarter
- Net loss attributable to shareholders of $11.1 million ($0.06 loss per share basic) for the quarter
- Free cash flow(1) of a negative $53.6 million for the quarter
Toronto, Canada — Corus Entertainment Inc. announced its first quarter financial results today.
“Our first quarter results were in line with our expectations, with persistent market headwinds and industry conditions continuing to impact both advertising and subscriber revenue,” said John Gossling, Chief Executive Officer. “We are pleased with our significant progress in respect of the proposed recapitalization transaction first announced in November. When completed, the proposed transaction is expected to deliver substantial balance sheet improvements, including reductions of indebtedness and other liabilities of more than $500 million and annual cash interest savings of up to $40 million, as well as extended maturity dates for credit facilities and notes. Our management information circular with details about the proposed transaction has been mailed to eligible securityholders, and the Board of Directors encourages voting in favour of the resolutions to be passed at the related meetings, which will be held on January 30th.”
Financial Highlights
| Three months ended November 30, | % | ||
| (in thousands of Canadian dollars except per share amounts) | 2025 | 2024 | Change |
| Revenue | |||
| Television | 245,074 | 303,629 | (19 %) |
| Radio | 22,492 | 23,542 | (4 %) |
| 267,566 | 327,171 | (18 %) | |
| Segment profit (loss) (1) | |||
| Television | 55,945 | 85,964 | (35 %) |
| Radio | 5,344 | 3,867 | 38 % |
| Corporate | (4,041) | (5,608) | 28 % |
| 57,248 | 84,223 | (32 %) | |
| Segment profit margin (1) | |||
| Television | 23 % | 28 % | |
| Radio | 24 % | 16 % | |
| Consolidated | 21 % | 26 % | |
| Net income (loss) attributable to shareholders | (11,108) | 11,908 | |
| Adjusted net income (loss) attributable to shareholders(1) | (1,789) | 28,372 | |
| Earnings (loss) per share: | |||
| Basic and diluted | ($0.06) | $0.06 | |
| Adjusted basic (1) | ($0.01) | $0.14 | |
| Free cash flow (1) | (53,587) | (10,149) | (428 %) |
Segment Revenue
| Three months ended November 30, | % | ||
| (in thousands of Canadian dollars) | 2025 | 2024 | Change |
| Revenue | 245,074 | ||
| Television | 303,629 | (19 %) | |
| Advertising | 135,339 | 176,689 | (23 %) |
| Subscriber | 98,763 | 115,698 | (15 %) |
| Distribution, production and other | 10,972 | 11,242 | (2 %) |
| Radio | 22,492 | 23,542 | (4 %) |
| Total Revenue | 267,566 | 327,171 | (18 %) |
| New platform revenue percentage (1) | 15 % | 12 % | |
| (1) | New platform revenue does not have a standardized meaning prescribed by IFRS. For definition and explanation, see the discussion under the Key Performance Indicators and Non-GAAP Financial Measures section of the First Quarter 2026 Report to Shareholders. |
Operational Highlights
Corus announced a strong schedule across Global and its specialty networks for Winter 2025.
- Global announces its winter 2026 lineup. On December 11, 2025, Global announced its slate of winter 2026 premieres anchored by Season 50 of Canada’s #1 reality series Survivor.[1] Global’s midseason lineup includes new series CIA, reality competition show America’s Culinary Cup and true-crime series Harlan Coben’s Final Twist. Returning top hits feature Global original Family Law, joined by new seasons of Emmy® Award-winning comedy Abbott Elementary, #1 new comedy DMV and top 20-ranked series Matlock, Saturday Night Live, NCIS, Sheriff Country[1] and more.
- Showcase and W Network announce midseason programming slate. On December 8, 2025, Showcase announced new titles joining the lineup including Peacock Original’s The Copenhagen Test, PONIES, and Devil in Disguise: John Wayne Gacy along with Sky Original limited series Amadeus. W Network’s schedule includes new Peacock Original series The ‘Burbs, and new comedy Z Suite, alongside returning favourites The Chicken Sisters, When Calls the Heart and Outlander.
- Corus’ lifestyle and factual specialty networks launch 50 new and returning series. On January 5, 2026, Canada’s most-watched lifestyle brands, Flavour Network and Home Network, and #1 factual brand The HISTORY® Channel(2), announced more than 50 new and returning series across the networks’ winter lineups. Flavour Network features The Great British Baking Show: The Professionals, Stanley Tucci’s Searching for Italy and Gordon Ramsay’s Secret Service. Home Network’s programming includes Love it or List it UK and The Block Australia. The HISTORY® Channel sees the return of Curse of Oak Island and The Unbelievable with Dan Aykroyd, along with new series History’s Deadliest with Ving Rhames.
| (1) | Numeris Personal People Meter Data. Total Canada. Fall’25 season-to-date (September 15 to November 23, 2025) – confirmed until November 26, 2025, Adults aged 25-54, Monday-Sunday 2am-2am, Average Minute Audience (000), Canadian Conventional Commercial English, all stations based on ‘Total’ except for CTV COM, 3+ airings, excludes MLB Playoffs. |
| (2) | Numeris Personal People Meter Data. Total Canada. Fall’25 season-to-date (September 1 to December 23, 2025) – confirmed until December 14, 2025, Adults aged 25-54, Monday-Sunday 2am-2am, Average Minute Audience (000), Canadian Specialty Commercial English. |
Financial Highlights
- Free cash flow(1) of a negative $53.6 million in Q1 2026 compared to a negative $10.1 million in the same comparable prior year period. The decrease in free cash flow(1) for the first quarter is mainly attributable to lower cash provided by operating activities and higher proceeds from sale of property in the prior year.
- Net debt to segment profit(1) was 7.39 times as at November 30, 2025, up from 6.01 times at August 31, 2025, as a result of the decrease in segment profit and increase in the amount drawn under the revolving credit facility.
- As of November 30, 2025, the Company had $45.2 million of cash and cash equivalents and $35.0 million available to be drawn under its Revolving Facility.
- On October 29, 2025, Corus completed an agreement to amend its Eighth Amended and Restated Credit Agreement to increase the maximum amount the Company may request as an advance on a “revolving” basis from $75.0 million to $125.0 million.
Recapitalization Transaction
Corus announced a proposed recapitalization transaction (the “Proposed Transaction”) on November 3, 2025, that is expected to strengthen its financial foundation, support its business strategy, and enable the continuity of business operations. Corus’ board of directors (the “Board”) has undertaken extensive efforts since early 2024 to address the Company’s balance sheet and financial challenges. This included conducting a comprehensive strategic review and, after an exhaustive evaluation of alternatives, the Board determined that the Proposed Transaction represents the best viable option to secure Corus’ future while maintaining as much value as possible for all stakeholders.
The Proposed Transaction will be implemented through a plan of arrangement under the Canada Business Corporations Act, on and subject to the conditions and basis described in the Meeting Materials (indicated below). On December 17, 2025, the Ontario Superior Court of Justice (Commercial List) granted an interim order in connection with the Proposed Transaction. Class A Voting Shares, Class B Non-Voting Shares and holders of the Company’s outstanding, unsecured, senior notes (collectively, the “Securityholders”) will be asked to approve the Proposed Transaction at two separate, consecutive meetings to be held on Friday, January 30, 2026.
The Board unanimously recommended in the Meeting Materials that Securityholders vote in favour of the Proposed Transaction and encourages Securityholders to vote in advance of the relevant proxy deadlines on January 28, 2026 at 10:00 a.m. (Toronto time) using one of the methods described in the Meeting Materials.
These also include, without limitation, factors and assumptions relating to, or impacting, the execution of the Company’s proposed recapitalization transaction; the anticipated or expected effect or impacts of the proposed transaction on the Company and/or its stakeholders; the anticipated reduction of the Company’s debt and related costs and interest expenses (including the amounts thereof); approval of the proposed transaction; implementation and execution of the proposed transaction as contemplated; exchange of existing equity and debt for new equity and debt; obligations and abilities of third parties to close or complete actions as part of the proposed transaction; the ability to complete the proposed transaction in the time and manner contemplated; and the dilution or changes to the Company’s outstanding shares in number or value.
Actual results may differ materially from those expressed or implied in such information and the foregoing list is not exhaustive.
Additional information about these material risk factors and 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, 2025 (the “2025 MD&A”), which disclosure may be updated, supplemented or amended by subsequent disclosures in the Company’s quarterly management’s discussion and analysis or by subsequent press releases, which are also filed on SEDAR+. 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 all the foregoing information, including any incorporated by reference, and any 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 may be made or arise from time to time.
About Corus Entertainment Inc.
Corus Entertainment Inc. is a leading media and content company that develops, delivers and distributes high quality brands and content across platforms for audiences around the world. Engaging audiences since 1999, the company’s portfolio of multimedia offerings encompass 25 specialty television services, 36 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, Home Network, The HISTORY® Channel, Showcase, Slice, Adult Swim, National Geographic and Global News, along with streaming platforms STACKTV, TELETOON+, the Global TV App and Curiouscast. For more information visit www. corusent.com.
CORUS ENTERTAINMENT INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| (unaudited – in thousands of Canadian dollars) | As at November 30, | As at August 31, |
| 2025 | 2025 | |
| ASSETS | ||
| Current | ||
| Cash and cash equivalents | 45,220 | 59,555 |
| Accounts receivable | 246,020 | 186,685 |
| Income taxes recoverable | 5,683 | — |
| Prepaid expenses and other assets | 21,683 | 18,945 |
| Total current assets | 318,606 | 265,185 |
| Tax credits receivable | 14,999 | 17,230 |
| Investments and other assets | 56,983 | 46,036 |
| Property, plant and equipment, net | 224,475 | 231,330 |
| Program rights | 647,150 | 603,961 |
| Film investments | 23,745 | 30,860 |
| Intangible assets | 83,708 | 71,519 |
| Total assets | 1,369,666 | 1,266,121 |
| LIABILITIES AND DEFICIT | ||
| Current | ||
| Accounts payable and accrued liabilities | 407,836 | 357,851 |
| Current portion of provisions | 18,094 | 21,790 |
| Income taxes payable | — | 1,794 |
| Total current liabilities | 425,930 | 381,435 |
| Long-term debt | 1,139,906 | 1,089,741 |
| Other long-term liabilities | 445,818 | 435,150 |
| Provisions | 8,368 | 8,674 |
| Deferred income tax liabilities | 21,573 | 19,463 |
| Total liabilities | 2,041,595 | 1,934,463 |
| DEFICIT | ||
| Share capital | 281,052 | 281,052 |
| Contributed surplus | 2,102,646 | 2,102,623 |
| Accumulated deficit | (3,113,633) | (3,109,685) |
| Accumulated other comprehensive income | 19,736 | 19,453 |
| Total deficit attributable to shareholders | (710,199) | (706,557) |
| Equity attributable to non-controlling interests | 38,270 | 38,215 |
| Total deficit | (671,929) | (668,342) |
| Total liabilities and deficit | 1,369,666 | 1,266,121 |
CORUS ENTERTAINMENT INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)
| Three months ended November 30, | ||
| (unaudited – in thousands of Canadian dollars except per share amounts) | 2025 | 2024 |
| Revenues | 267,566 | 327,171 |
| Direct cost of sales, general and administrative expenses | 210,318 | 242,948 |
| Depreciation and amortization | 15,535 | 22,376 |
| Interest expense | 30,486 | 25,134 |
| Debt refinancing | — | 4,377 |
| Restructuring and other costs | 12,679 | 16,509 |
| Other expense (income), net | 7,692 | (5,282) |
| Income (loss) before income taxes | (9,144) | 21,109 |
| Income tax expense | 1,209 | 6,030 |
| Net income (loss) for the period | (10,353) | 15,079 |
| Other comprehensive income, net of income taxes | ||
| Items that may be reclassified subsequently to income (loss): | ||
| Unrealized change in fair value of cash flow hedges | — | (885) |
| Unrealized foreign currency translation adjustment | 158 | 901 |
| 158 | 16 | |
| Items that will not be reclassified to income (loss): | ||
| Unrealized change in fair value of financial assets | 125 | (508) |
| Actuarial gain on post-retirement benefit plans | 7,160 | 2,638 |
| 7,285 | 2,130 | |
| Other comprehensive income, net of income taxes | 7,443 | 2,146 |
| Comprehensive income (loss) for the period | (2,910) | 17,225 |
| Net income (loss) attributable to: | ||
| Shareholders | (11,108) | 11,908 |
| Non-controlling interests | 755 | 3,171 |
| (10,353) | 15,079 | |
| Comprehensive income (loss) attributable to: | ||
| Shareholders | (3,665) | 14,054 |
| Non-controlling interests | 755 | 3,171 |
| (2,910) | 17,225 | |
| Earnings (loss) per share attributable to shareholders: | ||
| Basic | ($0.06) | $0.06 |
| Diluted | ($0.06) | $0.06 |
| CORUS ENTERTAINMENT INC. | |||||||
| INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN DEFICIT | |||||||
| (unaudited – in thousands of Canadian dollars) | Share capital | Contributed surplus | Accumulated deficit | Accumulated other income | Total deficit attributable to shareholders | Equity attributableto non- controllinginterests | Total deficit |
| As at August 31, 2025 | 281,052 | 2,102,623 | (3,109,685) | 19,453 | (706,557) | 38,215 | (668,342) |
| Comprehensive income (loss) | — | — | (11,108) | 7,443 | (3,665) | 755 | (2,910) |
| Dividends declared | — | — | — | — | — | (700) | (700) |
| Actuarial gain on post-retirement benefit plans | — | — | 7,160 | (7,160) | — | — | — |
| Share-based compensation expense | — | 23 | — | — | 23 | — | 23 |
| As at November 30, 2025 | 281,052 | 2,102,646 | (3,113,633) | 19,736 | (710,199) | 38,270 | (671,929) |
| (unaudited – in thousands of Canadian dollars) | Share capital | Contributed surplus | Accumulated deficit | Accumulated other income | Total deficit attributable to shareholders | Equity attributableto non- controllinginterests | Total deficit |
| As at August 31, 2024 | 281,052 | 2,013,797 | (2,784,729) | 24,481 | (465,399) | 123,671 | (341,728) |
| Comprehensive income | — | — | 11,908 | 2,146 | 14,054 | 3,171 | 17,225 |
| Actuarial gain on post-retirement benefit plans | — | — | 2,638 | (2,638) | — | — | — |
| Share-based compensation expense | — | 28 | — | — | 28 | — | 28 |
| As at November 30, 2024 | 281,052 | 2,013,825 | (2,770,183) | 23,989 | (451,317) | 126,842 | (324,475) |
CORUS ENTERTAINMENT INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Three months ended November 30, | ||
| (unaudited – in thousands of Canadian dollars) | 2025 | 2024 |
| OPERATING ACTIVITIES | ||
| Net income (loss) for the period | (10,353) | 15,079 |
| Adjustments to reconcile net income (loss) to cash flow from operations: | ||
| Amortization of program rights | 113,367 | 122,904 |
| Amortization of film investments | 2,079 | 2,689 |
| Depreciation and amortization | 15,535 | 22,376 |
| Deferred income tax expense (recovery) | (407) | 169 |
| Foreign exchange loss | 6,913 | 3,791 |
| Gain on sale of assets | (53) | (9,647) |
| Share-based compensation expense | 23 | 28 |
| Imputed interest | 14,071 | 8,499 |
| Debt refinancing | — | 4,377 |
| Payment of program rights | (122,004) | (111,408) |
| Net recovery (spend) on film investments | 211 | (5,780) |
| Other | (2) | (47) |
| Cash flow from operations | 19,380 | 53,030 |
| Net change in non-cash working capital balances related to operations | (71,374) | (71,053) |
| Cash used in operating activities | (51,994) | (18,023) |
| INVESTING ACTIVITIES | ||
| Additions to property, plant and equipment | (1,181) | (1,946) |
| Proceeds from sale of property | 92 | 10,080 |
| Net cash flows for intangibles, investments and other assets | (504) | (260) |
| Cash provided by (used in) investing activities | (1,593) | 7,874 |
| FINANCING ACTIVITIES | ||
| Increase in credit facility borrowings | 50,000 | 22,257 |
| Financing fees | — | (1,250) |
| Payment of lease liabilities | (4,670) | (4,610) |
| Dividends paid to non-controlling interests | (700) | — |
| Other | (5,378) | (1,072) |
| Cash provided by financing activities | 39,252 | 15,325 |
| Net change in cash and cash equivalents during the period | (14,335) | 5,176 |
| Cash and cash equivalents, beginning of the period | 59,555 | 82,422 |
| Cash and cash equivalents, end of the period | 45,220 | 87,598 |
CORUS ENTERTAINMENT INC.
BUSINESS SEGMENT INFORMATION
| (unaudited – in thousands of Canadian dollars) | ||||
| Three months ended November 30, 2025 | ||||
| Television | Radio | Corporate | Consolidated | |
| Revenues | 245,074 | 22,492 | — | 267,566 |
| Direct cost of sales, general and administrative expenses | 189,129 | 17,148 | 4,041 | 210,318 |
| Segment profit (loss) (1) | 55,945 | 5,344 | (4,041) | 57,248 |
| Depreciation and amortization | 15,535 | |||
| Interest expense | 30,486 | |||
| Restructuring and other costs | 12,679 | |||
| Other expense, net | 7,692 | |||
| Loss before income taxes | (9,144) | |||
| Three months ended November 30 2024 | ||||
| Television | Radio | Corporate | Consolidated | |
| Revenues | 303,629 | 23,542 | — | 327,171 |
| Direct cost of sales, general and administrative expenses | 217,665 | 19,675 | 5,608 | 242,948 |
| Segment profit (loss) (1) | 85,964 | 3,867 | (5,608) | 84,223 |
| Depreciation and amortization | 22,376 | |||
| Interest expense | 25,134 | |||
| Debt refinancing | 4,377 | |||
| Restructuring and other costs | 16,509 | |||
| Other income, net | (5,282) | |||
| Income before income taxes | 21,109 |
| (1) | Segment profit (loss) does not have a standardized meaning prescribed by IFRS. For definitions and explanations, see discussion under the Key Performance Indicators and Non-GAAP Financial Measures section of the First Quarter 2026 Report to Shareholders.
|
| REVENUE BY TYPE | ||
| Three months ended | ||
| November 30, | ||
| (unaudited – in thousands of Canadian dollars) | 2025 | 2024 |
| Advertising | 156,385 | 198,904 |
| Subscriber | 98,763 | 115,698 |
| Distribution, production and other | 12,418 | 12,569 |
| 267,566 | 327,171 |
| NON-GAAP FINANCIAL MEASURES | |||
| Three months ended | |||
| (unaudited – in thousands of Canadian dollars, except percentages) | November 30, | % | |
| New platform revenue | 2025 | 2024 | Change |
| New platform revenue (numerator) | 33,984 | 34,768 | (2 %) |
| Television advertising revenue | 135,339 | 176,689 | (23 %) |
| Television subscriber revenue | 98,763 | 115,698 | (15 %) |
| Total Television advertising and subscriber revenue (denominator) | 234,102 | 292,387 | (20 %) |
| New platform revenue percentage | 15 % | 12 % | |
| Three months ended | ||
| (unaudited – in thousands of Canadian dollars, except per share amounts) | November 30, | |
| Adjusted Net Income (Loss) Attributable to Shareholders | 2025 | 2024 |
| Net income (loss) attributable to shareholders | (11,108) | 11,908 |
| Adjustments, net of income tax: | ||
| Debt refinancing | — | 3,223 |
| Restructuring and other costs | 9,319 | 13,241 |
| Adjusted net income (loss) attributable to shareholders | (1,789) | 28,372 |
| Basic earnings (loss) per share | ($0.06) | $0.06 |
| Adjustments, net of income tax: | ||
| Debt refinancing | — | $0.02 |
| Restructuring and other costs | $0.05 | $0.06 |
| Adjusted basic earnings (loss) per share | ($0.01) | $0.14 |
| (unaudited – in thousands of Canadian dollars) | Three months ended November 30, | |
| Free Cash Flow | 2025 | 2024 |
| Cash provided by (used in): | ||
| Operating activities | (51,994) | (18,023) |
| Investing activities | (1,593) | 7,874 |
| Add: cash used in business acquisitions, divestitures and strategic investments (1) | (53,587) | (10,149) |
| — | — | |
| Free cash flow | (53,587) | (10,149) |
| (1) Strategic investments are comprised of investments in venture funds and associated companies. |
| (unaudited – in thousands of Canadian dollars) | As at November 30, | As at August 31, |
| Net Debt and Net Debt to Segment Profit | 2025 | 2025 |
| Total debt, net of unamortized financing fees and prepayment options | 1,139,906 | 1,089,741 |
| Lease liabilities | 104,953 | 106,998 |
| Cash and cash equivalents | (45,220) | (59,555) |
| Net debt (numerator) | 1,199,639 | 1,137,184 |
| Segment profit (denominator) (1) | 162,350 | 189,325 |
| Net debt to segment profit | 7.39 | 6.01 |
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