CRTC to consider Corus recapitalization proposal

Canada’s broadcasting regulator will examine a proposed transaction from Corus Entertainment Inc. that would shift ownership to a new parent corporation in exchange for approximately $500 million in debt forgiveness. On Tuesday, the CRTC announced it was seeking comments on Corus’s recapitalization, which recently received approval from the Ontario Superior Court of Justice. Currently, Corus owns Global News, as well as 36 radio stations, 25 discretionary services and 15 television stations spread across eight provinces. “Under the proposed transaction, some of Corus’s lenders would forgive approximately $500 million in debt in exchange for 99% ownership of a newly created parent corporation (NewCo), which would wholly own Corus and its services,” read the CRTC advisory. “Corus submitted that the proposed transaction is necessary to address its high debt load and declining cash flow resulting from industry pressures, and to improve its financial stability.” Last year, Corus reported a net shareholder loss of $328 million, which culminated many months of dwindling revenues. In its application, Corus indicated there would not be a majority shareholder of any newly-created parent company, though approximately 44 per cent of voting shares would be held by Canso Investment Counsel Ltd., an investment firm founded by Canadian millionaire John Carswell. Customarily, when television or radio stations change ownership, the CRTC requires the entity assuming ownership to make contributions — often five to 10 per cent of the transaction value — to support the domestic broadcasting landscape. This policy, known as “tangible benefits,” was formalized by the commission in 2014. Corus has requested an exemption from the rule because of its “ongoing financial challenges and stated that the exception would support the continued operation of its broadcasting services in the public interest.” The company also insisted that the ownership transaction has no actual value, considering the stations are not being purchased for a set price and the parent company’s new shareholders will remain the same. Interested parties have until June 25 to submit comments, and there’s no timeline for the CRTC to make a final decision. news@thewirereport.ca

CRTC to consider Corus recapitalization proposal

Regulatory |
By Wire Report Staff
|May 26, 2026

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CRTC to consider Corus recapitalization proposal

Regulatory | By Wire Report Staff |May 26, 2026

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By Wire Report Staff
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