Corus is Canada’s largest independent broadcaster, and after some recent financial restructuring, it is no longer under the Shaw Family Living Trust’s control.
Shaw and Corus have had a relationship since 1999. Shaw cut its corporate ties with Corus in 2019 when it sold off a huge stake in the broadcasting organization.
However, Shaw still maintained voting control via the family trust.
Now, the CRTC has formally approved a change in ownership via a debt-for-equity recapitalization.
Corus is one of the biggest players in the Canadian media scene, with a plethora of household news and radio brands, most notably Global News. Corus owns several prominent radio stations in most major Canadian cities.
Under the CRTC-approved change, a newly created parent company (NewCo) will acquire ownership of Corus.
“Certain lenders would exchange approximately $500 million in debt for a 99 per cent ownership interest in NewCo, which would own Corus and its traditional and online broadcasting services,” the CRTC states.
While it remains to be seen how this will impact operations on a day-to-day basis, this relieves Corus of a big chunk of the financial burden it carried, which could take some pressure off newsrooms.
For those working in Corus newsrooms and stations, this hopefully means less of a chance of more layoffs.
Over the past couple of years, Canadians have seen several rounds of layoffs impact Corus stations and newsrooms, including the complete shuttering of some stations, like AM730 Traffic in Vancouver.
Corus has also shut down 880 AM in Edmonton and 900 AM in Hamilton. Some were impacted by layoffs even just last month.
“As Canada’s largest independent broadcaster, Corus contributes meaningfully to the diversity of voices and programming choices for Canadians. Corus has a large, nationwide footprint across television, radio and online services,” the CRTC said.
“Through its conventional television stations and its 36 radio services, including six news talk stations, Corus has established itself as a major player in the provision of local, regional, national and international news and information programming.”
The CRTC also stated that Corus provides “locally reflective news” in some markets that have few alternative sources.
“Its reach extends through Globalnews.ca, which, according to Corus, receives approximately 30 million unique visitors per month.”
You can read more about the changes on the CRTC website. Daily Hive has contacted Corus for more information.