CORUS ENTERTAINMENT RECEIVES COURT ORDER TO PROCEED WITH RECAPITALIZATION TRANSACTION VIA CBCA

Executive Summary

• Corus Entertainment received a court order permitting it to move forward with its previously announced recapitalization transaction under the Canada Business Corporations Act.
• The transaction is expected to reduce third‑party debt and liabilities by over $500 million, cut annual cash interest payments by up to $40 million, extend debt maturities by five years, and preserve access to a $125 million secured revolving credit facility.
• Completion remains subject to stakeholder support agreements, regulatory approvals (CRTC, TSX), and other customary conditions.

Key Details

• Court Order: Ontario Superior Court of Justice (Commercial List) issued an order on March 24 2026 authorizing Corus to proceed with the recapitalization.
• Transaction Structure: Plan of arrangement under the Canada Business Corporations Act; details available at www.corusent.com/proposed-transaction.
• Debt Reduction: Targeted reduction of total third‑party debt and other liabilities by > $500 million.
• Interest Savings: Anticipated decrease in initial annual cash interest payments of up to $40 million.
• Maturity Extension: Debt maturities to be extended by five years.
• Credit Facility: Ongoing access to a $125 million secured revolving credit facility will be maintained.
• Conditions Precedent: Transaction remains contingent upon:
• Satisfaction of support agreements with key stakeholders.
• Receipt of all required regulatory approvals, including from the CRTC and Toronto Stock Exchange.
• Operational Continuity: Corus will continue normal business operations with no changes to obligations to clients, suppliers, production partners, trade creditors, or employees.
• Forward‑Looking Statements: Press release contains extensive forward‑looking information covering strategic, financial, regulatory, and operational expectations; investors are cautioned about associated risks and uncertainties.

Notable Quotes

(No direct quotes were provided in the release.)