Corus Entertainment completes recapitalization and new board appointment

Corus Entertainment Inc. has completed a recapitalization transaction and appointed a new board of directors following regulatory approval from the Canadian Radio-television and Telecommunications Commission. The restructuring, which makes Corus a wholly owned subsidiary of Corus Entertainment Holdings Inc., aims to address significant financial challenges by reducing total debt and liabilities by more than $500 million. The deal also cuts annual cash interest costs by up to $40 million and extends debt maturities by five years.

The company’s new independent Board of Directors is chaired by Maryann Turcke. Other board members include Stuart Garvie, Erin O’Toole, and Jere. Corus’s class B non-voting shares are expected to be delisted from the Toronto Stock Exchange, with new shares scheduled to begin trading on October 13.

Separately, nearly half of Canada’s provinces and territories, including Nova Scotia, Manitoba, Saskatchewan, Alberta, British Columbia, and Yukon, are urging the federal government to expand the mining exploration tax credit. The Association for Mineral Exploration is campaigning for the inclusion of engineering and feasibility study costs in the upcoming budget to help junior mining companies move projects from discovery to production.

In Ontario, a new documentary titled ‘Home’ by Linda Schuyler and Will Bowes will premiere on TVO. The film explores the complexities of an encampment at Brookside, a vacant provincial property in Cobourg, detailing the diverse personal circumstances of its unhoused residents.