CORUS PROVIDES UPDATE REGARDING CREDIT FACILITY

Company continues to have access to Credit Facility; currently expects to provide a further update regarding the Credit Facility with upcoming fourth quarter and year end financial results disclosure

TORONTO, Oct. 15, 2024 /CNW/ – Corus Entertainment Inc. CJR (“Corus” or the “Company”) provided an update today that it is continuing to productively engage with the members of the bank group for its Sixth Amended and Restated Credit Agreement, led by RBC Capital Markets and TD Securities as co-leads (as amended from time to time, the “Credit Facility”). In conjunction with its fourth quarter and year end financial reporting on October 25, 2024, the Company currently expects to provide further updates regarding any changes to the terms of the Credit Facility. Corus continues to have access to the Credit Facility pursuant to an amendment to the Credit Facility on the previously disclosed terms.

“In addition to the progress we have made in our discussions with the Credit Facility syndicate members, we are making strides in advancing our comprehensive plan to strengthen our balance sheet and manage liabilities,” said John Gossling, Co-Chief Executive Officer and Chief Financial Officer. “Corus continues to execute our business strategy, developing and delivering exceptional brands and content, growing our valuable, core assets, such as the newly announced Flavour Network and Home Network, and working with our many partners who recognize the strength of Corus’ fundamentals.”

A copy of the amendment to the Credit Facility will be filed under the Company’s profile on SEDAR+ at www.sedarplus.ca.

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 may relate to, among other things, the Company’s objectives, goals, strategies, targets, intentions, plans, estimates and outlook, including but not limited to anticipated actions regarding or impacts to the Company’s liquidity, leverage target, ability to repay debt and/or renegotiate existing debt terms; the Company’s strategic plan; anticipated revenue trends; the Company’s dividend policy and the payment of future dividends; the Company’s ability to manage retention and reputation risks; the Company’s ability to maintain necessary access to loan and credit facilities; and expectations regarding financial performance, including capital allocation, liability management and capital structure strategy and 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 negatives 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 including: the impact of any recessionary conditions and any continuing supply chain constraints; the potential impact of new competition and industry mergers and acquisitions; audience acceptance of the Company’s television and audio programs and networks; changes to applicable tax, licensing and regulatory regimes (or interpretation thereof), inflation and interest rates, stability of the advertising, subscription, production and distribution markets; the actions of creditors; changes to the terms of relevant credit and loan facilities or agreements; the Company’s ability to successfully defend itself against litigation matters and complaints; a failure to meet covenants under the Company’s senior credit facility, senior unsecured notes or other instruments or facilities; changes to key suppliers or clients or terms of related agreements; operating and capital costs and tariffs, taxes and fees; physical and operational changes to the Company’s key facilities and infrastructure; the Company’s ability to source, produce or sell desirable content; and the Company’s capital and operating results, including results and impacts of any capital, liability management or related actions, being consistent with its expectations. Actual results may differ materially from those expressed or implied in such information.

Additional information about these and other risk 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, 2023 and under the heading “Risk Factors” in the Company’s Annual Information Form for the year ended August 31, 2023. 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 and may be updated or amended from time to time. Except as 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 Inc.

Corus Entertainment Inc. CJR 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 32 specialty television services, 37 radio stations, 15 conventional television stations, digital and streaming platforms, and social digital agency and media services. Corus’ roster of premium brands includes Global Television, W Network, Flavour Network and Home Network (launching soon), The HISTORY^® Channel, Showcase, Adult Swim, National Geographic and Global News, along with streaming platforms STACKTV, TELETOON+, the Global TV App and Curiouscast. Corus is also the domestic advertising representative and an original content partner for Pluto TV, a Paramount Company, which is the leading free ad-supported streaming television (FAST) service. Corus is an internationally-renowned content creator, producer and distributor through Corus Studios and Nelvana. For more information visit www.corusent.com.

SOURCE Corus Entertainment Inc (IR Group)