Sammy Hudes, The Canadian PressCorus Entertainment Inc. has been dealt a blow by several analysts who have ceased covering the company or downgraded it. The Corus logo at Corus Quay in Toronto is shown on June 22, 2018. THE CANADIAN PRESS/Tijana Martin
“Top-line softness has pressured , and we do not expect Corus will be able to meet its debt covenants or repay its debt without relief/restructuring,” it said in a research note. It said it expects to have slashed 25 per cent of its full-time workforce by the end of next month since the beginning of its 2023 fiscal year.
That came as Rogers Communications Inc. signed a multi-year deal with Warner Bros. Discovery for the Canadian rights to those popular lifestyle and entertainment brands starting Jan. 1. “In addition to our cost reduction initiatives, we are moving at pace to finalize a revised financial plan as part of this process,” he said on the company’s earnings call.
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