CORUS ENTERTAINMENT ANNOUNCES RECEIPT OF INTERIM ORDER IN RESPECT OF RECAPITALIZATION TRANSACTION

Executive Summary

• The Ontario Superior Court of Justice granted an interim order allowing Corus Entertainment to proceed with its previously announced recapitalization transaction.
• Senior noteholders and shareholders are scheduled to vote on the plan of arrangement at meetings on January 30, 2026; approvals require two‑thirds majorities (and a TSX‑required majority for Class A shares).
• The interim order also provides a stay of proceedings to protect Corus from default actions while the transaction is completed.

Key Details

• Interim Order: Authorizes meetings of senior unsecured noteholders (10:00 a.m.) and shareholders (11:00 a.m.) on 30 Jan 2026 to consider and vote on the Plan of Arrangement.
• Record Date: 24 Dec 2025, 5:00 p.m. (Toronto time) for both noteholders and shareholders.
• Approval Thresholds:
• Senior Noteholders – ≥ 66% of votes cast.
• Shareholders – ≥ 66% of Class A votes and ≥ 66% of Class B votes separately, plus a TSX‑required majority (≥ 50% + 1) of Class A votes.
• Participation Option: Senior noteholders voting in favor may subscribe pro rata to newly issued first lien notes; participation forms and escrow funding details will be provided later.
• Stay of Proceedings: The order stays any default actions against Corus, enabling completion of the recapitalization.
• Conditions to Closing: Final court approval, regulatory consents (including CRTC and TSX), and satisfaction/waiver of all other customary conditions.
• Circular & Proxy Materials: To be mailed to securityholders of record and posted on SEDAR+ and Corus’ website.

Notable Quotes

(No direct quotes were provided in the release.)