Corus completes recapitalization transaction, announces new board of directors

Corus Entertainment Inc. has finalized a recapitalization transaction that was previously announced in November of last year. The deal entails some of the company's lenders forgiving around $500 million in debt in return for 99 percent ownership of a newly formed parent corporation that will own Corus and its services fully. Corus is expected to see its class B non-voting shares delisted from the Toronto Stock Exchange by the end of trading on October 9, with new shares starting to trade on October 13.

The Canadian Radio-television and Telecommunications Commission (CRTC) granted Corus regulatory approval for its plan in September. This change in ownership and control over all licensed programming services operated by Corus and its subsidiaries is aimed at addressing the company's "significant financial challenges". The CRTC stated that the transaction would assist in ensuring Corus remains a part of the Canadian broadcasting industry.

Corus currently owns 25 specialty television services, 15 conventional stations, 36 radio stations, along with digital and streaming platforms.