(Toronto, ON) Corus Entertainment Inc. (TSX: CJR.B; NYSE: CJR) announced today that its Board of Directors has approved a $0.20 increase in its annual dividend. The Company’s monthly dividend for holders of its Class A and Class B shares will increase to $0.09917 and $0.100 respectively. The dividend will be paid on each of February 29, 2008, March 31, 2008 and April 30, 2008 to shareholders of record at the close of business on February 14, 2008, March 14, 2008 and April 15, 2008 respectively. At the new rate, the expected dividend on an annual basis for the Company’s Class A and Class B shares is $1.19 and $1.20 respectively, up from the previous rate of $0.99 and $1.00 respectively.
“The Company completed a very successful fiscal year and first quarter. Our continued strong free cash flow has enabled us to increase our annual dividend by 20% to yield approximately 2.5% on the current share price, ” said Heather Shaw, Executive Chair, Corus Entertainment Inc.
The foregoing dividends are designated as ‘eligible’ dividends for the purposes of the Income Tax Act (Canada) and any similar provincial legislation. Corus’ Board of Directors reviews the dividend on a quarterly basis. Shareholders are entitled to receive dividends only when any such dividends are declared by Corus’ Board of Directors, and there is no entitlement to any dividend prior thereto. There were 1,722,929 Class A Voting Shares outstanding and 39,927,009 Class B Non-Voting Shares outstanding on December 31, 2007. Corus Entertainment Inc. reports in Canadian dollars.
About Corus Entertainment Inc.
Corus Entertainment Inc. is a Canadian-based media and entertainment company. Corus is a market leader in specialty television and radio with additional assets in pay television, advertising and digital audio services, television broadcasting, children’s book publishing and children’s animation. The company’s multimedia entertainment brands include YTV, Treehouse, W Network, Movie Central, Nelvana, Kids Can Press and radio stations including CKNW, CKOI and Q107. Corus creates engaging branded entertainment experiences for its audiences across multiple platforms. A publicly traded company, Corus is listed on the Toronto (CJR.B) and New York (CJR) exchanges. Experience Corus on the web at www.corusent.com.
For further information, please contact:
John Cassaday, President and Chief Executive Officer, Corus Entertainment Inc. 416-642-3770
Tom Peddie, Senior Vice President and Chief Financial Officer, Corus Entertainment Inc. 416-642-3780
Tracy Ewing, Vice President, Communications Corus Entertainment Inc. 416-642-3792