(Toronto, Canada) At an investor conference today, Corus Entertainment Inc. (TSE:CJR.B; NYSE:CJR) provided an overview of the company and near term guidance on its business strategies and financial performance.

John Cassaday, President and Chief Executive Officer, commented: “Corus has emerged as a vibrant, vertically integrated media and entertainment company with leadership positions spanning content and distribution. During the past two years, we have participated in over 10 strategic acquisitions, expanding our revenue base threefold, approaching $700 million expected for fiscal 2002. We are now focused primarily on maximizing the effectiveness of our existing assets and are on track in implementing our long-term goals, including growing our revenues by 8-9%, expanding our EBITDA by 10-15% per annum and growing our margins to 25% in 2002 and 30% over the long term.”

Mr. Cassaday continued, “For fiscal 2002, we are targeting total revenue of approximately $694 million CDN, an increase of approximately 24% over fiscal 2001 and we expect EBITDA (earnings before interest, taxes, depreciation and amortization), to reach approximately $170 million CDN, an increase of approximately 31% over fiscal 2001.”

On a comparative basis adjusting fiscal 2001 for the inclusion of Nelvana and Metromedia for a full year and WTN for nine months, the increase in EBITDA is approximately 20%. Revenue is projected to increase approximately 5% on a comparative basis as noted above. The breakdown of the targeted performance on a divisional basis for the fiscal year ended August 31, 2002, is as follows: The projections were based on the Company’s current assessment of the overall advertising market and reflect the benefit of a restructuring initiative that was completed in November. It assumes that the Content Division will produce approximately 250 episodes this year compared to 242 last year.

Corus Entertainment is a Canadian-based media and entertainment company. Corus is Canada’s market leader in both specialty TV and Radio. Corus also owns Nelvana Limited, one of the world’s largest international producers and distributors of children’s programming and products. The company’s other interests include music, television broadcasting and advertising services. A publicly traded company, Corus is listed on the Toronto (CJR.B) and New York (CJR) Exchanges. Corus’ Web site can be found at corusentertainment.com.

Certain statements in this press release may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking documents.


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

Kerry Morgan
Director of Corporate
Corus Entertainment Inc.
(416) 642-3792