CORUS ENTERTAINMENT ANNOUNCES SEPTEMBER 2022 INVESTOR CONFERENCE SCHEDULE AND PROVIDES OUTLOOK UPDATES
September 9, 2022
TORONTO, September 9, 2022 – Corus Entertainment Inc. (TSX: CJR.B) (“Corus” or the “Company”) today shared its investor conference schedule for September 2022.
Doug Murphy, President and Chief Executive Officer, Corus Entertainment will participate in the 23rd Annual BMO Media & Telecom Conference in Toronto, Ontario on September 13, 2022 at 11:45 a.m. ET and in the 21st Annual CIBC Eastern Institutional Investor Conference in Montreal, Quebec on September 21, 2022 at 10:35 a.m. ET.
Further information is available on the Events and Presentations page in the Investor Relations section of the Corus website at www.corusent.com.
Risk Factors and Outlook Updates
Corus is also providing the following updates in respect of its risk factors and outlook in light of the most recent developments relating to macroeconomic and other factors discussed below. Please refer to the sections “Risks and Uncertainties” and “Seasonal Fluctuations” in the Company’s Management’s Discussion and Analysis for the year ended August 31, 2021; the section under the heading “Risk Factors” in the Annual Information Form for the year ended August 31, 2021; and the sections “Risks and Uncertainties” and “Seasonal Fluctuations” in the Report to Shareholders for the three and nine months ended May 31, 2022 (collectively, “prior MD&As”) for a complete discussion of risk factors and uncertainties that may affect the Company.
As discussed in the prior MD&As, the Company’s operating performance is affected by Canadian and worldwide economic conditions and is subject to seasonal fluctuations that can significantly impact quarter to quarter operating results. In the past quarter, the macroeconomic environment became increasingly uncertain, characterized by heightened risk of recession, persistently high inflation and continuing supply chain constraints. These factors have contributed to recent contractions in advertising demand and spending across the North American media industry.
Also, as discussed in the prior MD&As, disruptions caused by the prior imposition of public health restrictions, public sentiment about the pandemic, and continuing COVID-19 infection rates can negatively impact the Company’s operations and financial performance. The Company continued to be impacted by pandemic-related conditions in the past quarter, primarily due to disruptions to consumer behaviour patterns and supply chains affecting both product and service advertising categories.
In the near-term, the Company expects the complex macroeconomic environment and ongoing pandemic-related impacts to continue to put pressure on advertising revenues. Combined with general advertising spending and seasonal revenue cycles discussed in the prior MD&As, the Company currently expects meaningful year-over-year softness in Television advertising revenue. Corus believes it remains well-positioned to create value over the long term as the Company continues investing in its businesses to advance its strategic plan and priorities.
Caution Concerning Forward-Looking Information
This press release contains forward-looking information and should be read subject to the following cautionary language: To the extent any statements made in this press release contain information that is not historical, these statements are forward-looking statements and may be forward-looking information within the meaning of applicable securities laws (collectively, “forward-looking information”). This forward-looking information relates to, among other things, the Company’s objectives, goals, strategies, targets, intentions, plans, estimates and outlook, including the adoption and anticipated impact of the Company’s strategic plan, advertising and expectations of advertising trends for fiscal 2022/2023, distribution, merchandise and subscription revenue, the Company’s dividend policy and the payment of future dividends; the Company’s leverage target; the Company’s proposed share purchases, including the number of Class B non-voting shares to be repurchased under its normal course issuer bid, if any, and timing thereof; the Company’s ability to manage retention and reputation risks related to its on-air talent; expectations regarding financial performance including capital allocation strategy and capital structure management, operating costs and tariffs, taxes and fees, and can generally be identified by the use of words such as “believe”, “anticipate”, “expect”, “intend”, “plan”, “will”, “may” or the negative of these terms and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances may be considered forward-looking information. Although Corus believes that the expectations reflected in such forward-looking information are reasonable, such information involves assumptions, risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied with respect to the forward-looking information, including without limitation, factors and assumptions regarding the general market conditions and general outlook for the industry including the potential impact of new competition and industry mergers and acquisitions, interest rates, stability of the advertising, distribution, merchandise and subscription markets, operating and capital costs and tariffs, taxes and fees, the Company’s ability to source desirable content and the Company’s capital and operating results being consistent with the Company’s expectations. Actual results may differ materially from those expressed or implied in such information. Important factors that could cause actual results to differ materially from these expectations include, among other things: the Company’s ability to attract and retain advertising revenue; audience acceptance of the Company’s television programs and cable networks; the Company’s ability to recoup production costs; the availability of tax credits and the existence of co-production treaties; the Company’s ability to compete in any of the industries in which it does business; the opportunities (or lack thereof) that may be presented to and pursued by the Company; conditions in the entertainment, information and communications industries and technological developments therein; changes in laws or regulations or the interpretation or application of those laws and regulations; the Company’s ability to integrate and realize anticipated benefits from its acquisitions and to effectively manage it’s growth; the Company’s ability to successfully defend itself against litigation matters and complaints; failure to meet covenants under the Company’s senior credit facility, senior unsecured notes or other instruments or facilities; epidemics, pandemics or other public health crises, including the current outbreak of COVID-19 and changes in accounting standards. Additional information about these factors and about the material assumptions underlying any forward-looking information may be found under the heading “Risks and Uncertainties” in the Company’s Management’s Discussion and Analysis for the year ended August 31, 2021, under the heading “Risk Factors” in the Company’s Annual Information Form for the year ended August 31, 2021 and under the heading “Risks and Uncertainties” in the Report to Shareholders for the three and nine months ended May 31, 2022. Corus cautions that the foregoing list of important assumptions and factors that may affect future results is not exhaustive. When relying on the Company’s forward-looking information to make decisions with respect to Corus, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Unless otherwise specified, all forward-looking information in this document speaks as of the date of this document. Unless otherwise required by applicable securities laws, Corus disclaims any intention or obligation to publicly update or revise any forward-looking information whether as a result of new information, events or circumstances that arise after the date thereof or otherwise.
About Corus Entertainment
Corus Entertainment Inc. (TSX: CJR.B) is a leading media and content company that develops and delivers high quality brands and content across platforms for audiences around the world. Engaging audiences since 1999, the company’s portfolio of multimedia offerings encompass 33 specialty television services, 39 radio stations, 15 conventional television stations, a suite of digital and streaming assets, animation software, technology and media services. Corus is an internationally-renowned content creator and distributor through Nelvana, a world class animation studio expert in all formats and Corus Studios, a globally recognized producer of hit scripted and unscripted content. The company also owns innovative full-service social digital agency so.da, lifestyle entertainment company Kin Canada, leading 2D animation software supplier Toon Boom and children’s book publishing house, Kids Can Press. Corus’ roster of premium brands includes Global Television, W Network, HGTV Canada, Food Network Canada, Magnolia Network Canada, The HISTORY® Channel, Showcase, Adult Swim, National Geographic, Disney Channel Canada, YTV, Global News, Globalnews.ca, Q107, Country 105, and CFOX, along with broadly distributed Canadian streaming platforms STACKTV, TELETOON+, the Global TV App and Curiouscast. For more information visit www.corusent.com.
For further information, please contact:
Director, Investor Relations
Corus Entertainment Inc.
Director, Corporate Communications
Corus Entertainment Inc