Q3 2024 Corus Entertainment Inc Earnings Call Transcript
Key Points
- Corus Entertainment Inc (CJREF) has implemented significant cost-cutting measures, including reducing headcount by 25% since the beginning of fiscal 2023.
- The company is actively pursuing new revenue opportunities and engaging with lenders to manage liabilities.
- Corus has secured new program supply and is planning to rebrand its lifestyle networks with strong Canadian original programming.
- The company has seen encouraging trends in its streaming portfolio, with Stack TV reaching an all-time high on Amazon Prime Video.
- Corus has received interim regulatory relief from the CRTC, including a reduction in required spending on certain programming.
- Corus Entertainment Inc (CJREF) is facing ongoing disruptions in advertising markets, leading to a significant decline in TV advertising revenue.
- The company has announced the closure of two legacy AM radio stations and the cessation of operations for OWN: The Oprah Winfrey Network.
- Debt covenant relief under the company's bank credit facilities will expire at the end of August, creating financial uncertainty.
- The non-renewal of programming agreements with Warner Brothers Discovery will impact several of Corus's specialty networks.
- Corus recorded a substantial non-cash impairment charge of $960 million in the third quarter, reflecting the challenging advertising environment and competitive landscape.
Good morning. My name is Joel, and I will be your conference operator today. At this time, I would like to welcome everyone to the Corus Entertainment Q3 2024 analyst and investor conference call. All lines have been muted to prevent any background noise. After the speakers' remarks, there will be a question and answer session. (Operator Instructions) Thank you as a reminder, this call is being recorded. I will now turn the call over to Mr. John Gossling, Co-CEO of Corus Entertainment. Mr. Gossling, you may begin your conference.
Great. Thank you very much. Thanks and good morning, everyone. Welcome to our fiscal 2024 third-quarter earnings call. Joining me today is Troy Reeb, our Corus co-CEO. Before I read the cautionary statement I'd like to remind everyone that we have slides to accompany today's call. You can find those on our website at www.corusinc.com under the Investor Relations tab Events and Presentations section.
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