Corus completes recapitalization, names new board after restructuring

Corus Entertainment Inc. CJR-B-T has completed its recapitalization plan and named its new board of directors, who will aim to strengthen the ailing media company’s balance sheet as it deals with declining revenue and weak advertising demand.

The board faces the challenge of turning around a company affected by numerous rounds of job cuts and operating amid industrywide pressures on traditional broadcasting. Meanwhile, Corus has been forced to compete with streaming giants for viewers’ attention.

The company struck an agreement with debtholders last year in order to maintain operations as it struggled with a heavy debt load and liquidity constraints.

The restructuring, approved by the telecom regulator in September, saw some of the company’s lenders exchange approximately $500-million in debt for a 99-per cent ownership interest in new parent company Corus Entertainment Holdings Inc., which will manage the company’s 40 television stations and 36 radio stations.

The new board will be composed of Maryann Turcke, Erin O’Toole, Stuart Garvie, Jeremy Walker and Corus chief executive officer and interim chief financial officer John Gossling.

Ms. Turcke has been appointed chair of the board. The media executive recently served as the chief operating officer of the National Football League, and previously as president of Bell Media. She is a board member on several other companies including the Royal Bank of Canada.

“We want to build a business that is resilient and will grow into the future,” Ms. Turcke said in a statement. “Our priority is to continue to strengthen Corus’ leadership position in Canada by delivering news that Canadians trust and entertainment that Canadians love.”

Mr. O’Toole, president and managing director of corporate intelligence and risk management firm ADIT North America, will lead the human resources and governance committee. Mr. O’Toole spent over a decade in Parliament, serving as a cabinet minister and later as Conservative leader of the Official Opposition.

“Corus plays a vital role not just in the media industry but also in the fabric of Canadian culture and democracy,” Mr. O’Toole said in a statement.

Ottawa, he added, should strive to adapt its regulatory framework to ensure Canadian sovereignty as its broadcasters “compete against dominant American platforms intent on writing the rules for the global digital economy.”

Mr. Garvie will chair the operating committee. Mr. Garvie has held a range of executive positions in the media and advertising industry, including as president of Bell Media Sales, and as the former CEO of media buying agency WPP Media Canada.

Mr. Walker, the former deputy chair and global head of TD Securities for the communications, telecommunications and media sectors, will chair the company’s audit committee.

The revamped capital structure will positions Corus for “new opportunities and future growth,” Mr. Gossling said in the statement.

Corus reported a 16-per-cent drop in revenue compared with the prior year in its third quarter, ended May 31. Its consolidated profit margin declined to 12 per cent, from 21 per cent the previous year. The company posted a $32.5-million loss attributable to shareholders, compared with a $7-million loss the prior year.

However, it had $6-million in free cash flow, up from a $32.5-million loss in 2025.

Corus cut dozens of media jobs in July, particularly in Western Canada, as it moved to centralize the operations of some of its Global News stations, and confirmed a further set of layoffs in August.

Corus’s existing class B non-voting shares are expected be delisted from the Toronto Stock Exchange at the close of trading on Oct. 9, the company said in the release. New common and variable voting shares in the holding company will begin trading at market open on Oct. 13 under the ticker “CORS.”

Canso Investment Counsel Ltd., a corporation controlled by John Carswell, is expected to hold approximately 44 per cent of the voting interests in the new company, making it the largest shareholder.