Toronto, Canada<\/strong> \u2014 <\/span>\u00a0Corus Entertainment Inc.\u00a0 announced its first quarter financial results today.<\/p>\n\u201cOur first quarter results were in line with our expectations, with persistent market headwinds and industry conditions continuing to impact both advertising and subscriber revenue,\u201d said\u00a0John Gossling<\/span>, Chief Executive Officer. \u201cWe 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.\u201d<\/p>\nFinancial Highlights<\/p>\n
\n\n\n| \n | \n | Three months ended
November\u00a030,<\/td>\n | %<\/td>\n<\/tr>\n |
\n| (in thousands of Canadian dollars except per share amounts)<\/td>\n | 2025<\/td>\n | 2024<\/td>\n | Change<\/td>\n<\/tr>\n |
\n| Revenue<\/td>\n | \n | \n | \n<\/tr>\n |
\n| Television<\/td>\n | 245,074<\/td>\n | 303,629<\/td>\n | (19\u00a0%)<\/td>\n<\/tr>\n |
\n| Radio<\/td>\n | 22,492<\/td>\n | 23,542<\/td>\n | (4\u00a0%)<\/td>\n<\/tr>\n |
\n| \n | 267,566<\/td>\n | 327,171<\/td>\n | (18\u00a0%)<\/td>\n<\/tr>\n |
\n| \n | \n | \n<\/tr>\n |
\n| Segment\u00a0profit\u00a0(loss)\u00a0(1)<\/td>\n | \n | \n | \n<\/tr>\n |
\n| Television<\/td>\n | 55,945<\/td>\n | 85,964<\/td>\n | (35\u00a0%)<\/td>\n<\/tr>\n |
\n| Radio<\/td>\n | 5,344<\/td>\n | 3,867<\/td>\n | 38\u00a0%<\/td>\n<\/tr>\n |
\n| Corporate<\/td>\n | (4,041)<\/td>\n | (5,608)<\/td>\n | 28\u00a0%<\/td>\n<\/tr>\n |
\n| \n | 57,248<\/td>\n | 84,223<\/td>\n | (32\u00a0%)<\/td>\n<\/tr>\n |
\n| \n | \n | \n<\/tr>\n |
\n| Segment\u00a0profit\u00a0margin\u00a0(1)<\/td>\n | \n | \n | \n<\/tr>\n |
\n| Television<\/td>\n | 23\u00a0%<\/td>\n | 28\u00a0%<\/td>\n | \n<\/tr>\n |
\n| Radio<\/td>\n | 24\u00a0%<\/td>\n | 16\u00a0%<\/td>\n | \n<\/tr>\n |
\n| Consolidated<\/td>\n | 21\u00a0%<\/td>\n | 26\u00a0%<\/td>\n | \n<\/tr>\n |
\n| \n | \n | \n<\/tr>\n |
\n| Net income (loss) attributable to shareholders<\/td>\n | (11,108)<\/td>\n | 11,908<\/td>\n | \n<\/tr>\n |
\n| Adjusted net income (loss) attributable to shareholders(1)<\/td>\n | (1,789)<\/td>\n | 28,372<\/td>\n | \n<\/tr>\n |
\n| \n | \n | \n<\/tr>\n |
\n| Earnings (loss) per share:<\/td>\n | \n | \n | \n<\/tr>\n |
\n| Basic and diluted<\/td>\n | ($0.06)<\/td>\n | $0.06<\/td>\n | \n<\/tr>\n |
\n| Adjusted basic\u00a0(1)<\/td>\n | ($0.01)<\/td>\n | $0.14<\/td>\n | \n<\/tr>\n |
\n| \n | \n | \n<\/tr>\n |
\n| Free\u00a0cash\u00a0flow\u00a0(1)<\/td>\n | (53,587)<\/td>\n | (10,149)<\/td>\n | (428\u00a0%)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Segment Revenue<\/p>\n \n\n\n| \n | \n | Three months ended
November\u00a030,<\/td>\n | %<\/td>\n<\/tr>\n | \n| (in thousands of Canadian dollars)<\/td>\n | 2025<\/td>\n | 2024<\/td>\n | Change<\/td>\n<\/tr>\n | \n| Revenue<\/td>\n | 245,074<\/td>\n | \n | \n<\/tr>\n | \n| Television<\/td>\n | 303,629<\/td>\n | (19\u00a0%)<\/td>\n<\/tr>\n | \n| Advertising<\/td>\n | 135,339<\/td>\n | 176,689<\/td>\n | (23\u00a0%)<\/td>\n<\/tr>\n | \n| Subscriber<\/td>\n | 98,763<\/td>\n | 115,698<\/td>\n | (15\u00a0%)<\/td>\n<\/tr>\n | \n| Distribution, production and other<\/td>\n | 10,972<\/td>\n | 11,242<\/td>\n | (2\u00a0%)<\/td>\n<\/tr>\n | \n| Radio<\/td>\n | 22,492<\/td>\n | 23,542<\/td>\n | (4\u00a0%)<\/td>\n<\/tr>\n | \n| Total\u00a0Revenue<\/td>\n | 267,566<\/td>\n | 327,171<\/td>\n | (18\u00a0%)<\/td>\n<\/tr>\n | \n| \n | \n | \n<\/tr>\n | \n| New\u00a0platform\u00a0revenue\u00a0percentage\u00a0(1)<\/td>\n | 15\u00a0%<\/td>\n | 12\u00a0%<\/td>\n | \n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n| (1)<\/td>\n | 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.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Operational Highlights<\/p>\n Corus announced a strong schedule across Global and its specialty networks for Winter 2025.<\/p>\n \n- Global\u00a0announces\u00a0its\u00a0winter\u00a02026\u00a0lineup.\u00a0On December 11, 2025, Global announced its slate of winter 2026 premieres anchored by Season 50 of\u00a0Canada\u2019s<\/span>\u00a0#1 reality series Survivor.[1]\u00a0Global\u2019s midseason lineup includes new series CIA, reality competition show America\u2019s\u00a0Culinary\u00a0Cup\u00a0and true-crime series Harlan\u00a0Coben\u2019s\u00a0Final\u00a0Twist.\u00a0Returning top hits feature Global original Family\u00a0Law, joined by new seasons of Emmy\u00ae Award-winning comedy Abbott\u00a0Elementary, #1 new comedy DMV and top 20-ranked series\u00a0Matlock<\/span>, Saturday Night Live, NCIS, Sheriff Country[1]\u00a0and more.<\/li>\n
- Showcase and W Network announce midseason programming slate. On December 8, 2025, Showcase announced new titles joining the lineup including Peacock Original\u2019s The Copenhagen Test, PONIES, and Devil in Disguise:\u00a0John Wayne Gacy<\/span>\u00a0along with Sky Original limited series Amadeus. W Network\u2019s schedule includes new Peacock Original series The\u00a0\u2018Burbs, and new comedy Z\u00a0Suite, alongside returning favourites The Chicken Sisters, When Calls the Heart and Outlander.<\/li>\n
- Corus\u2019 lifestyle and factual specialty networks launch 50 new and returning series. On January 5, 2026,\u00a0Canada\u2019s<\/span>\u00a0most-watched lifestyle brands, Flavour Network and Home Network, and #1 factual brand The HISTORY\u00ae Channel(2), announced more than 50 new and returning series across the networks\u2019 winter lineups. Flavour Network features The Great British Baking Show: The Professionals,\u00a0Stanley Tucci\u2019s<\/span>\u00a0Searching for\u00a0Italy<\/span>\u00a0and\u00a0Gordon Ramsay\u2019s<\/span>\u00a0Secret Service. Home Network\u2019s programming includes Love it or List it\u00a0UK<\/span>\u00a0and The Block Australia. The HISTORY\u00ae Channel sees the return of Curse of\u00a0Oak Island<\/span>\u00a0and The Unbelievable with\u00a0Dan Aykroyd<\/span>, along with new series History\u2019s Deadliest with\u00a0Ving Rhames<\/span>.<\/li>\n<\/ul>\n
\n\n\n| (1)<\/td>\n | Numeris Personal People Meter Data. Total\u00a0Canada<\/span>. Fall\u201925 season-to-date (September 15 to November 23, 2025) \u2013 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 \u2018Total\u2019 except for CTV COM, 3+ airings, excludes MLB Playoffs.<\/td>\n<\/tr>\n\n| (2)<\/td>\n | Numeris Personal People Meter Data. Total\u00a0Canada<\/span>. Fall\u201925 season-to-date (September 1 to December 23, 2025) \u2013 confirmed until December 14, 2025, Adults aged 25-54, Monday-Sunday 2am-2am, Average Minute Audience (000), Canadian Specialty Commercial English.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Financial Highlights<\/p>\n \n- Free cash flow(1)\u00a0of 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)\u00a0for the first quarter is mainly attributable to lower cash provided by operating activities and higher proceeds from sale of property in the prior year.<\/li>\n
- Net debt to segment profit(1)\u00a0was 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.<\/li>\n
- 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.<\/li>\n
- 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 \u201crevolving\u201d basis from $75.0 million to $125.0 million.<\/li>\n<\/ul>\n
Recapitalization Transaction<\/p>\n Corus announced a proposed recapitalization transaction (the \u201cProposed Transaction\u201d) on November 3, 2025, that is expected to strengthen its financial foundation, support its business strategy, and enable the continuity of business operations. Corus\u2019 board of directors (the \u201cBoard\u201d) has undertaken extensive efforts since early 2024 to address the Company\u2019s 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\u2019 future while maintaining as much value as possible for all stakeholders.<\/p>\n 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\u2019s outstanding, unsecured, senior notes (collectively, the \u201cSecurityholders\u201d) will be asked to approve the Proposed Transaction at two separate, consecutive meetings to be held on Friday, January 30, 2026.<\/p>\n 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<\/span>\u00a0time) using one of the methods described in the Meeting Materials.<\/p>\nThese also include, without limitation, factors and assumptions relating to, or impacting, the execution of the Company\u2019s 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\u2019s 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\u2019s outstanding shares in number or value.<\/p>\n Actual results may differ materially from those expressed or implied in such information and the foregoing list is not exhaustive.<\/p>\n Additional information about these material risk factors and assumptions underlying any forward-looking information may be found under the heading \u201cRisks and Uncertainties\u201d in the Company\u2019s Management\u2019s Discussion and Analysis for the year ended August 31, 2025 (the \u201c2025 MD&A\u201d), which disclosure may be updated, supplemented or amended by subsequent disclosures in the Company\u2019s quarterly management\u2019s 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.<\/p>\n When relying on the Company\u2019s 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.<\/p>\n About Corus Entertainment Inc.<\/p>\n 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\u2019s 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\u2019 roster of premium brands includes Global Television, W Network, Flavour Network, Home Network, The HISTORY\u00ae 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.\u00a0corusent.com<\/a>.<\/p>\nCORUS ENTERTAINMENT INC.
INTERIM\u00a0CONDENSED\u00a0CONSOLIDATED\u00a0STATEMENTS\u00a0OF\u00a0FINANCIAL\u00a0POSITION<\/p>\n \n\n\n| (unaudited \u2013 in thousands of Canadian dollars)<\/td>\n | As\u00a0at\u00a0November\u00a030,<\/td>\n | As at August 31,<\/td>\n<\/tr>\n | \n| 2025<\/td>\n | 2025<\/td>\n<\/tr>\n | \n| ASSETS<\/td>\n | \n | \n<\/tr>\n | \n| Current<\/td>\n | \n | \n<\/tr>\n | \n| Cash and cash equivalents<\/td>\n | 45,220<\/td>\n | 59,555<\/td>\n<\/tr>\n | \n| Accounts receivable<\/td>\n | 246,020<\/td>\n | 186,685<\/td>\n<\/tr>\n | \n| Income taxes recoverable<\/td>\n | 5,683<\/td>\n | \u2014<\/td>\n<\/tr>\n | \n| Prepaid expenses and other assets<\/td>\n | 21,683<\/td>\n | 18,945<\/td>\n<\/tr>\n | \n| Total current\u00a0assets<\/td>\n | 318,606<\/td>\n | 265,185<\/td>\n<\/tr>\n | \n| Tax credits receivable<\/td>\n | 14,999<\/td>\n | 17,230<\/td>\n<\/tr>\n | \n| Investments and other assets<\/td>\n | 56,983<\/td>\n | 46,036<\/td>\n<\/tr>\n | \n| Property, plant and equipment, net<\/td>\n | 224,475<\/td>\n | 231,330<\/td>\n<\/tr>\n | \n| Program rights<\/td>\n | 647,150<\/td>\n | 603,961<\/td>\n<\/tr>\n | \n| Film investments<\/td>\n | 23,745<\/td>\n | 30,860<\/td>\n<\/tr>\n | \n| Intangible assets<\/td>\n | 83,708<\/td>\n | 71,519<\/td>\n<\/tr>\n | \n| Total\u00a0assets<\/td>\n | 1,369,666<\/td>\n | 1,266,121<\/td>\n<\/tr>\n | \n| LIABILITIES AND DEFICIT<\/td>\n | \n | \n<\/tr>\n | \n| Current<\/td>\n | \n | \n<\/tr>\n | \n| Accounts payable and accrued liabilities<\/td>\n | 407,836<\/td>\n | 357,851<\/td>\n<\/tr>\n | \n| Current portion of provisions<\/td>\n | 18,094<\/td>\n | 21,790<\/td>\n<\/tr>\n | \n| Income taxes payable<\/td>\n | \u2014<\/td>\n | 1,794<\/td>\n<\/tr>\n | \n| Total\u00a0current\u00a0liabilities<\/td>\n | 425,930<\/td>\n | 381,435<\/td>\n<\/tr>\n | \n| Long-term debt<\/td>\n | 1,139,906<\/td>\n | 1,089,741<\/td>\n<\/tr>\n | \n| Other long-term liabilities<\/td>\n | 445,818<\/td>\n | 435,150<\/td>\n<\/tr>\n | \n| Provisions<\/td>\n | 8,368<\/td>\n | 8,674<\/td>\n<\/tr>\n | \n| Deferred income tax liabilities<\/td>\n | 21,573<\/td>\n | 19,463<\/td>\n<\/tr>\n | \n| Total\u00a0liabilities<\/td>\n | 2,041,595<\/td>\n | 1,934,463<\/td>\n<\/tr>\n | \n| DEFICIT<\/td>\n | \n | \n<\/tr>\n | \n| Share capital<\/td>\n | 281,052<\/td>\n | 281,052<\/td>\n<\/tr>\n | \n| Contributed surplus<\/td>\n | 2,102,646<\/td>\n | 2,102,623<\/td>\n<\/tr>\n | \n| Accumulated deficit<\/td>\n | (3,113,633)<\/td>\n | (3,109,685)<\/td>\n<\/tr>\n | \n| Accumulated other comprehensive income<\/td>\n | 19,736<\/td>\n | 19,453<\/td>\n<\/tr>\n | \n| Total deficit attributable to shareholders<\/td>\n | (710,199)<\/td>\n | (706,557)<\/td>\n<\/tr>\n | \n| Equity attributable to non-controlling interests<\/td>\n | 38,270<\/td>\n | 38,215<\/td>\n<\/tr>\n | \n| Total\u00a0deficit<\/td>\n | (671,929)<\/td>\n | (668,342)<\/td>\n<\/tr>\n | \n| Total\u00a0liabilities\u00a0and\u00a0deficit<\/td>\n | 1,369,666<\/td>\n | 1,266,121<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n CORUS ENTERTAINMENT INC.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)<\/p>\n \n\n\n| \n | \n | Three months ended
November\u00a030,<\/td>\n<\/tr>\n | \n| (unaudited \u2013 in thousands of Canadian dollars except per share amounts)<\/td>\n | 2025<\/td>\n | 2024<\/td>\n<\/tr>\n | \n| Revenues<\/td>\n | 267,566<\/td>\n | 327,171<\/td>\n<\/tr>\n | \n| Direct cost of sales, general and administrative expenses<\/td>\n | 210,318<\/td>\n | 242,948<\/td>\n<\/tr>\n | \n| Depreciation and amortization<\/td>\n | 15,535<\/td>\n | 22,376<\/td>\n<\/tr>\n | \n| Interest expense<\/td>\n | 30,486<\/td>\n | 25,134<\/td>\n<\/tr>\n | \n| Debt refinancing<\/td>\n | \u2014<\/td>\n | 4,377<\/td>\n<\/tr>\n | \n| Restructuring and other costs<\/td>\n | 12,679<\/td>\n | 16,509<\/td>\n<\/tr>\n | \n| Other expense (income), net<\/td>\n | 7,692<\/td>\n | (5,282)<\/td>\n<\/tr>\n | \n| Income (loss) before income taxes<\/td>\n | (9,144)<\/td>\n | 21,109<\/td>\n<\/tr>\n | \n| Income tax expense<\/td>\n | 1,209<\/td>\n | 6,030<\/td>\n<\/tr>\n | \n| Net\u00a0income\u00a0(loss)\u00a0for\u00a0the\u00a0period<\/td>\n | (10,353)<\/td>\n | 15,079<\/td>\n<\/tr>\n | \n| Other\u00a0comprehensive\u00a0income,\u00a0net\u00a0of\u00a0income\u00a0taxes<\/td>\n | \n | \n<\/tr>\n | \n| Items\u00a0that\u00a0may\u00a0be\u00a0reclassified\u00a0subsequently\u00a0to\u00a0income\u00a0(loss):<\/td>\n | \n | \n<\/tr>\n | \n| Unrealized change in fair value of cash flow hedges<\/td>\n | \u2014<\/td>\n | (885)<\/td>\n<\/tr>\n | \n| Unrealized foreign currency translation adjustment<\/td>\n | 158<\/td>\n | 901<\/td>\n<\/tr>\n | \n| \n | 158<\/td>\n | 16<\/td>\n<\/tr>\n | \n| Items\u00a0that\u00a0will\u00a0not\u00a0be\u00a0reclassified\u00a0to\u00a0income\u00a0(loss):<\/td>\n | \n | \n<\/tr>\n | \n| Unrealized change in fair value of financial assets<\/td>\n | 125<\/td>\n | (508)<\/td>\n<\/tr>\n | \n| Actuarial gain on post-retirement benefit plans<\/td>\n | 7,160<\/td>\n | 2,638<\/td>\n<\/tr>\n | \n| \n | 7,285<\/td>\n | 2,130<\/td>\n<\/tr>\n | \n| Other comprehensive income, net of income taxes<\/td>\n | 7,443<\/td>\n | 2,146<\/td>\n<\/tr>\n | \n| Comprehensive\u00a0income\u00a0(loss)\u00a0for\u00a0the\u00a0period<\/td>\n | (2,910)<\/td>\n | 17,225<\/td>\n<\/tr>\n | \n| \n | \n | \n<\/tr>\n | \n| Net\u00a0income\u00a0(loss)\u00a0attributable\u00a0to:<\/td>\n | \n | \n<\/tr>\n | \n| Shareholders<\/td>\n | (11,108)<\/td>\n | 11,908<\/td>\n<\/tr>\n | \n| Non-controlling interests<\/td>\n | 755<\/td>\n | 3,171<\/td>\n<\/tr>\n | \n| \n | (10,353)<\/td>\n | 15,079<\/td>\n<\/tr>\n | \n| Comprehensive\u00a0income\u00a0(loss)\u00a0attributable\u00a0to:<\/td>\n | \n | \n<\/tr>\n | \n| Shareholders<\/td>\n | (3,665)<\/td>\n | 14,054<\/td>\n<\/tr>\n | \n| Non-controlling interests<\/td>\n | 755<\/td>\n | 3,171<\/td>\n<\/tr>\n | \n| \n | (2,910)<\/td>\n | 17,225<\/td>\n<\/tr>\n | \n| \n | \n | \n<\/tr>\n | \n| Earnings\u00a0(loss)\u00a0per\u00a0share\u00a0attributable\u00a0to shareholders:<\/td>\n | \n | \n<\/tr>\n | \n| Basic<\/td>\n | ($0.06)<\/td>\n | $0.06<\/td>\n<\/tr>\n | \n| Diluted<\/td>\n | ($0.06)<\/td>\n | $0.06<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \u00a0<\/p>\n \n\n\n| CORUS\u00a0ENTERTAINMENT\u00a0INC.<\/td>\n | \n | \n | \n | \n | \n | \n | \n<\/tr>\n | \n| INTERIM\u00a0CONDENSED\u00a0CONSOLIDATED\u00a0STATEMENTS\u00a0OF\u00a0CHANGES\u00a0IN\u00a0DEFICIT<\/td>\n<\/tr>\n | \n| (unaudited \u2013 in thousands of Canadian dollars)<\/td>\n | Share capital<\/td>\n | Contributed<\/p>\n surplus<\/p>\n<\/td>\n | Accumulated<\/p>\n deficit<\/p>\n<\/td>\n | Accumulated<\/p>\n other
comprehensive<\/p>\n income<\/p>\n<\/td>\n | Total deficit
attributable to
shareholders<\/td>\n | Equity
attributableto non-
controllinginterests<\/td>\n | Total deficit<\/td>\n<\/tr>\n | \n| As at August 31, 2025<\/td>\n | 281,052<\/td>\n | 2,102,623<\/td>\n | (3,109,685)<\/td>\n | 19,453<\/td>\n | (706,557)<\/td>\n | 38,215<\/td>\n | (668,342)<\/td>\n<\/tr>\n | \n| Comprehensive income (loss)<\/td>\n | \u2014<\/td>\n | \u2014<\/td>\n | (11,108)<\/td>\n | 7,443<\/td>\n | (3,665)<\/td>\n | 755<\/td>\n | (2,910)<\/td>\n<\/tr>\n | \n| Dividends declared<\/td>\n | \u2014<\/td>\n | \u2014<\/td>\n | \u2014<\/td>\n | \u2014<\/td>\n | \u2014<\/td>\n | (700)<\/td>\n | (700)<\/td>\n<\/tr>\n | \n| Actuarial gain on post-retirement<\/p>\n benefit plans<\/p>\n<\/td>\n | \u2014<\/td>\n | \u2014<\/td>\n | 7,160<\/td>\n | (7,160)<\/td>\n | \u2014<\/td>\n | \u2014<\/td>\n | \u2014<\/td>\n<\/tr>\n | \n| Share-based compensation<\/p>\n expense<\/p>\n<\/td>\n | \u2014<\/td>\n | 23<\/td>\n | \u2014<\/td>\n | \u2014<\/td>\n | 23<\/td>\n | \u2014<\/td>\n | 23<\/td>\n<\/tr>\n | \n| As\u00a0at\u00a0November\u00a030,\u00a02025<\/td>\n | 281,052<\/td>\n | 2,102,646<\/td>\n | (3,113,633)<\/td>\n | 19,736<\/td>\n | (710,199)<\/td>\n | 38,270<\/td>\n | (671,929)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n| (unaudited \u2013 in thousands of Canadian dollars)<\/td>\n | Share
capital<\/td>\n | Contributed<\/p>\n surplus<\/p>\n<\/td>\n | Accumulated<\/p>\n deficit<\/p>\n<\/td>\n | Accumulated<\/p>\n other
comprehensive<\/p>\n income<\/p>\n<\/td>\n | Total deficit
attributable to
shareholders<\/td>\n | Equity
attributableto non-
controllinginterests<\/td>\n | Total deficit<\/td>\n<\/tr>\n | \n| As at August 31, 2024<\/td>\n | 281,052<\/td>\n | 2,013,797<\/td>\n | (2,784,729)<\/td>\n | 24,481<\/td>\n | (465,399)<\/td>\n | 123,671<\/td>\n | (341,728)<\/td>\n<\/tr>\n | \n| Comprehensive income<\/td>\n | \u2014<\/td>\n | \u2014<\/td>\n | 11,908<\/td>\n | 2,146<\/td>\n | 14,054<\/td>\n | 3,171<\/td>\n | 17,225<\/td>\n<\/tr>\n | \n| Actuarial gain on post-retirement<\/p>\n benefit plans<\/p>\n<\/td>\n | \u2014<\/td>\n | \u2014<\/td>\n | 2,638<\/td>\n | (2,638)<\/td>\n | \u2014<\/td>\n | \u2014<\/td>\n | \u2014<\/td>\n<\/tr>\n | \n| Share-based compensation<\/p>\n expense<\/p>\n<\/td>\n | \u2014<\/td>\n | 28<\/td>\n | \u2014<\/td>\n | \u2014<\/td>\n | 28<\/td>\n | \u2014<\/td>\n | 28<\/td>\n<\/tr>\n | \n| As at November 30, 2024<\/td>\n | 281,052<\/td>\n | 2,013,825<\/td>\n | (2,770,183)<\/td>\n | 23,989<\/td>\n | (451,317)<\/td>\n | 126,842<\/td>\n | (324,475)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \u00a0<\/p>\n CORUS ENTERTAINMENT INC.
INTERIM\u00a0CONDENSED\u00a0CONSOLIDATED\u00a0STATEMENTS\u00a0OF\u00a0CASH\u00a0FLOWS<\/p>\n \n\n\n| \n | \n | Three months ended
November\u00a030,<\/td>\n<\/tr>\n | \n| (unaudited \u2013 in thousands of Canadian dollars)<\/td>\n | 2025<\/td>\n | 2024<\/td>\n<\/tr>\n | \n| OPERATING ACTIVITIES<\/td>\n | \n | \n<\/tr>\n | \n| Net income (loss) for the period<\/td>\n | (10,353)<\/td>\n | 15,079<\/td>\n<\/tr>\n | \n| Adjustments to reconcile net income (loss) to cash flow from operations:<\/td>\n | \n | \n<\/tr>\n | \n| Amortization of program rights<\/td>\n | 113,367<\/td>\n | 122,904<\/td>\n<\/tr>\n | \n| Amortization of film investments<\/td>\n | 2,079<\/td>\n | 2,689<\/td>\n<\/tr>\n | \n| Depreciation and amortization<\/td>\n | 15,535<\/td>\n | 22,376<\/td>\n<\/tr>\n | \n| Deferred income tax expense (recovery)<\/td>\n | (407)<\/td>\n | 169<\/td>\n<\/tr>\n | \n| Foreign exchange loss<\/td>\n | 6,913<\/td>\n | 3,791<\/td>\n<\/tr>\n | \n| Gain on sale of assets<\/td>\n | (53)<\/td>\n | (9,647)<\/td>\n<\/tr>\n | \n| Share-based compensation expense<\/td>\n | 23<\/td>\n | 28<\/td>\n<\/tr>\n | \n| Imputed interest<\/td>\n | 14,071<\/td>\n | 8,499<\/td>\n<\/tr>\n | \n| Debt refinancing<\/td>\n | \u2014<\/td>\n | 4,377<\/td>\n<\/tr>\n | \n| Payment of program rights<\/td>\n | (122,004)<\/td>\n | (111,408)<\/td>\n<\/tr>\n | \n| Net recovery (spend) on film investments<\/td>\n | 211<\/td>\n | (5,780)<\/td>\n<\/tr>\n | \n| Other<\/td>\n | (2)<\/td>\n | (47)<\/td>\n<\/tr>\n | \n| Cash\u00a0flow\u00a0from\u00a0operations<\/td>\n | 19,380<\/td>\n | 53,030<\/td>\n<\/tr>\n | \n| Net change in non-cash working capital balances related to operations<\/td>\n | (71,374)<\/td>\n | (71,053)<\/td>\n<\/tr>\n | \n| Cash\u00a0used in operating activities<\/td>\n | (51,994)<\/td>\n | (18,023)<\/td>\n<\/tr>\n | \n| INVESTING\u00a0ACTIVITIES<\/td>\n | \n | \n<\/tr>\n | \n| Additions to property, plant and equipment<\/td>\n | (1,181)<\/td>\n | (1,946)<\/td>\n<\/tr>\n | \n| Proceeds from sale of property<\/td>\n | 92<\/td>\n | 10,080<\/td>\n<\/tr>\n | \n| Net cash flows for intangibles, investments and other assets<\/td>\n | (504)<\/td>\n | (260)<\/td>\n<\/tr>\n | \n| Cash\u00a0provided\u00a0by\u00a0(used\u00a0in)\u00a0investing\u00a0activities<\/td>\n | (1,593)<\/td>\n | 7,874<\/td>\n<\/tr>\n | \n| FINANCING ACTIVITIES<\/td>\n | \n | \n<\/tr>\n | \n| Increase in credit facility borrowings<\/td>\n | 50,000<\/td>\n | 22,257<\/td>\n<\/tr>\n | \n| Financing fees<\/td>\n | \u2014<\/td>\n | (1,250)<\/td>\n<\/tr>\n | \n| Payment of lease liabilities<\/td>\n | (4,670)<\/td>\n | (4,610)<\/td>\n<\/tr>\n | \n| Dividends paid to non-controlling interests<\/td>\n | (700)<\/td>\n | \u2014<\/td>\n<\/tr>\n | \n| Other<\/td>\n | (5,378)<\/td>\n | (1,072)<\/td>\n<\/tr>\n | \n| Cash\u00a0provided\u00a0by\u00a0financing\u00a0activities<\/td>\n | 39,252<\/td>\n | 15,325<\/td>\n<\/tr>\n | \n| Net change in cash and cash equivalents during the period<\/td>\n | (14,335)<\/td>\n | 5,176<\/td>\n<\/tr>\n | \n| Cash and cash equivalents, beginning of the period<\/td>\n | 59,555<\/td>\n | 82,422<\/td>\n<\/tr>\n | \n| Cash\u00a0and cash equivalents, end of the period<\/td>\n | 45,220<\/td>\n | 87,598<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \u00a0<\/p>\n CORUS ENTERTAINMENT INC.
BUSINESS SEGMENT INFORMATION<\/p>\n \n\n\n| (unaudited \u2013 in thousands of Canadian dollars)<\/td>\n | \n | \n | \n | \n<\/tr>\n | \n| Three months ended November 30, 2025<\/td>\n | \n | \n | \n | \n<\/tr>\n | \n| \n | Television<\/td>\n | Radio<\/td>\n | Corporate<\/td>\n | Consolidated<\/td>\n<\/tr>\n | \n| Revenues<\/td>\n | 245,074<\/td>\n | 22,492<\/td>\n | \u2014<\/td>\n | 267,566<\/td>\n<\/tr>\n | \n| Direct cost of sales, general and administrative expenses<\/td>\n | 189,129<\/td>\n | 17,148<\/td>\n | 4,041<\/td>\n | 210,318<\/td>\n<\/tr>\n | \n| Segment profit (loss)\u00a0(1)<\/td>\n | 55,945<\/td>\n | 5,344<\/td>\n | (4,041)<\/td>\n | 57,248<\/td>\n<\/tr>\n | \n| Depreciation and amortization<\/td>\n | \n | \n | \n | 15,535<\/td>\n<\/tr>\n | \n| Interest expense<\/td>\n | \n | \n | \n | 30,486<\/td>\n<\/tr>\n | \n| Restructuring and other costs<\/td>\n | \n | \n | \n | 12,679<\/td>\n<\/tr>\n | \n| Other expense, net<\/td>\n | \n | \n | \n | 7,692<\/td>\n<\/tr>\n | \n| Loss before income taxes<\/td>\n | \n | \n | \n | (9,144)<\/td>\n<\/tr>\n | \n| \u00a0<\/p>\n Three months ended November 30 2024<\/p>\n<\/td>\n | \n | \n | \n | \n<\/tr>\n | \n| \n | Television<\/td>\n | Radio<\/td>\n | Corporate<\/td>\n | Consolidated<\/td>\n<\/tr>\n | \n| Revenues<\/td>\n | 303,629<\/td>\n | 23,542<\/td>\n | \u2014<\/td>\n | 327,171<\/td>\n<\/tr>\n | \n| Direct cost of sales, general and administrative expenses<\/td>\n | 217,665<\/td>\n | 19,675<\/td>\n | 5,608<\/td>\n | 242,948<\/td>\n<\/tr>\n | \n| Segment profit (loss)\u00a0(1)<\/td>\n | 85,964<\/td>\n | 3,867<\/td>\n | (5,608)<\/td>\n | 84,223<\/td>\n<\/tr>\n | \n| Depreciation and amortization<\/td>\n | \n | \n | \n | 22,376<\/td>\n<\/tr>\n | \n| Interest expense<\/td>\n | \n | \n | \n | 25,134<\/td>\n<\/tr>\n | \n| Debt refinancing<\/td>\n | \n | \n | \n | 4,377<\/td>\n<\/tr>\n | \n| Restructuring and other costs<\/td>\n | \n | \n | \n | 16,509<\/td>\n<\/tr>\n | \n| Other income, net<\/td>\n | \n | \n | \n | (5,282)<\/td>\n<\/tr>\n | \n| Income before income taxes<\/td>\n | \n | \n | \n | 21,109<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n| \u00a0(1)<\/td>\n | 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.<\/p>\n \u00a0<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \n\n\n| REVENUE\u00a0BY\u00a0TYPE<\/td>\n | \n | \n<\/tr>\n | \n| \n | \n | Three months ended<\/td>\n<\/tr>\n | \n| \n | \n | November\u00a030,<\/td>\n<\/tr>\n | \n| (unaudited \u2013 in thousands of Canadian dollars)<\/td>\n | 2025<\/td>\n | 2024<\/td>\n<\/tr>\n | \n| Advertising<\/td>\n | 156,385<\/td>\n | 198,904<\/td>\n<\/tr>\n | \n| Subscriber<\/td>\n | 98,763<\/td>\n | 115,698<\/td>\n<\/tr>\n | \n| Distribution, production and other<\/td>\n | 12,418<\/td>\n | 12,569<\/td>\n<\/tr>\n | \n| \n | 267,566<\/td>\n | 327,171<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \u00a0<\/p>\n \n\n\n| NON-GAAP\u00a0FINANCIAL\u00a0MEASURES<\/td>\n | \n | \n | \n<\/tr>\n | \n| \n | \n | Three months ended<\/td>\n | \n<\/tr>\n | \n| (unaudited \u2013 in thousands of Canadian dollars, except percentages)<\/td>\n | \n | November\u00a030,<\/td>\n | %<\/td>\n<\/tr>\n | \n| New\u00a0platform\u00a0revenue<\/td>\n | 2025<\/td>\n | 2024<\/td>\n | Change<\/td>\n<\/tr>\n | \n| New platform revenue (numerator)<\/td>\n | 33,984<\/td>\n | 34,768<\/td>\n | (2\u00a0%)<\/td>\n<\/tr>\n | \n| Television advertising revenue<\/td>\n | 135,339<\/td>\n | 176,689<\/td>\n | (23\u00a0%)<\/td>\n<\/tr>\n | \n| Television subscriber revenue<\/td>\n | 98,763<\/td>\n | 115,698<\/td>\n | (15\u00a0%)<\/td>\n<\/tr>\n | \n| Total Television advertising and subscriber revenue (denominator)<\/td>\n | 234,102<\/td>\n | 292,387<\/td>\n | (20\u00a0%)<\/td>\n<\/tr>\n | \n| New\u00a0platform\u00a0revenue\u00a0percentage<\/td>\n | 15\u00a0%<\/td>\n | 12\u00a0%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \u00a0<\/p>\n \n\n\n| \n | \n | Three months ended<\/td>\n<\/tr>\n | \n| (unaudited \u2013 in thousands of Canadian dollars, except per share amounts)<\/td>\n | \n | November\u00a030,<\/td>\n<\/tr>\n | \n| Adjusted\u00a0Net\u00a0Income\u00a0(Loss)\u00a0Attributable\u00a0to\u00a0Shareholders<\/td>\n | 2025<\/td>\n | 2024<\/td>\n<\/tr>\n | \n| Net\u00a0income\u00a0(loss)\u00a0attributable\u00a0to shareholders<\/td>\n | (11,108)<\/td>\n | 11,908<\/td>\n<\/tr>\n | \n| Adjustments,\u00a0net\u00a0of\u00a0income\u00a0tax:<\/td>\n | \n | \n<\/tr>\n | \n| Debt refinancing<\/td>\n | \u2014<\/td>\n | 3,223<\/td>\n<\/tr>\n | \n| Restructuring and other costs<\/td>\n | 9,319<\/td>\n | 13,241<\/td>\n<\/tr>\n | \n| Adjusted\u00a0net\u00a0income\u00a0(loss)\u00a0attributable\u00a0to\u00a0shareholders<\/td>\n | (1,789)<\/td>\n | 28,372<\/td>\n<\/tr>\n | \n| Basic earnings (loss) per share<\/td>\n | ($0.06)<\/td>\n | $0.06<\/td>\n<\/tr>\n | \n| Adjustments,\u00a0net\u00a0of\u00a0income\u00a0tax:<\/td>\n | \n | \n<\/tr>\n | \n| Debt refinancing<\/td>\n | \u2014<\/td>\n | $0.02<\/td>\n<\/tr>\n | \n| Restructuring and other costs<\/td>\n | $0.05<\/td>\n | $0.06<\/td>\n<\/tr>\n | \n| Adjusted\u00a0basic\u00a0earnings\u00a0(loss)\u00a0per\u00a0share<\/td>\n | ($0.01)<\/td>\n | $0.14<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n| \n | \n | \n<\/tr>\n | \n| (unaudited \u2013 in thousands of Canadian dollars)<\/td>\n | \n | Three months ended
November\u00a030,<\/td>\n<\/tr>\n | \n| Free\u00a0Cash\u00a0Flow<\/td>\n | 2025<\/td>\n | 2024<\/td>\n<\/tr>\n | \n| Cash provided by (used in):<\/td>\n | \n | \n<\/tr>\n | \n| Operating activities<\/td>\n | (51,994)<\/td>\n | (18,023)<\/td>\n<\/tr>\n | \n| Investing activities<\/td>\n | (1,593)<\/td>\n | 7,874<\/td>\n<\/tr>\n | \n| Add: cash used in business acquisitions, divestitures and strategic investments\u00a0(1)<\/td>\n | (53,587)<\/td>\n | (10,149)<\/td>\n<\/tr>\n | \n| \u2014<\/td>\n | \u2014<\/td>\n<\/tr>\n | \n| Free\u00a0cash\u00a0flow<\/td>\n | (53,587)<\/td>\n | (10,149)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n| (1)\u00a0Strategic investments are comprised of investments in venture funds and associated companies.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \u00a0<\/p>\n \n\n\n| (unaudited \u2013 in thousands of Canadian dollars)<\/td>\n | As\u00a0at\u00a0November\u00a030,<\/td>\n | As at August 31,<\/td>\n<\/tr>\n | \n| Net\u00a0Debt\u00a0and\u00a0Net Debt\u00a0to\u00a0Segment Profit<\/td>\n | 2025<\/td>\n | 2025<\/td>\n<\/tr>\n | \n| Total debt, net of unamortized financing fees and prepayment options<\/td>\n | 1,139,906<\/td>\n | 1,089,741<\/td>\n<\/tr>\n | \n| Lease liabilities<\/td>\n | 104,953<\/td>\n | 106,998<\/td>\n<\/tr>\n | \n| Cash and cash equivalents<\/td>\n | (45,220)<\/td>\n | (59,555)<\/td>\n<\/tr>\n | \n| Net debt (numerator)<\/td>\n | 1,199,639<\/td>\n | 1,137,184<\/td>\n<\/tr>\n | \n| Segment profit (denominator)\u00a0(1)<\/td>\n | 162,350<\/td>\n | 189,325<\/td>\n<\/tr>\n | \n| Net\u00a0debt\u00a0to\u00a0segment\u00a0profit<\/td>\n | 7.39<\/td>\n | 6.01<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n \u00a0<\/p>\n<\/p><\/div>\n \u2018 The preceding article may include information circulated by third parties \u2019 <\/em><\/p>\n \u2018 Some details of this article were extracted from the following source licensinginternational.org \u2019 <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"\u00a0 Consolidated revenue decreased 18% for the quarter Consolidated segment profit(1)\u00a0decreased 32% for the quarter Consolidated segment profit margin(1)\u00a0of 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)\u00a0of a negative $53.6 million for the quarter Toronto, Canada \u2014 \u00a0Corus Entertainment Inc.\u00a0 […]<\/p>\n","protected":false},"author":2,"featured_media":2236335,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"footnotes":""},"categories":[25172],"tags":[],"class_list":["post-2236334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-entertainment"],"jetpack_featured_media_url":"https:\/\/celebrity.land\/en\/wp-content\/uploads\/2026\/01\/Corus-Entertainment-Announces-Q1-Financial-Results.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/posts\/2236334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/comments?post=2236334"}],"version-history":[{"count":1,"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/posts\/2236334\/revisions"}],"predecessor-version":[{"id":2236336,"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/posts\/2236334\/revisions\/2236336"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/media\/2236335"}],"wp:attachment":[{"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/media?parent=2236334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/categories?post=2236334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/celebrity.land\/en\/wp-json\/wp\/v2\/tags?post=2236334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} | | | | | | | | | | | | | | | | | |