CRTC grants Corus recapitalization plan, tangible benefits not applicable

The CRTC has approved an application by Corus Entertainment Inc. to restructure its ownership regime. Broadcasting Decision 2026-247 was released Thursday afternoon after markets closed. “As Canada’s largest independent broadcaster, Corus makes significant contributions to the Canadian broadcasting system, including through the provision of local, regional and national news, and support for programming produced by independent producers,” the decision noted. “Through its television, radio and online services, Corus has become one of Canada’s leading broadcasters and a key source of news and information.” The restructure will create a new parent company called NewCo, which will take over Corus from its current leadership, Shaw Family Living Trust, which holds effective control. Canso Investment Counsel Ltd., controlled by John Carswell, will hold around 44 per cent of the voting shares of NewCo. The CRTC received 53 interventions in the application, with most of them backing the Corus refinancing, although other broadcasting entities opposed some aspects of the plan. The regulator found that Corus is facing significant financial challenges due to industry pressures and Corus’s own corporate capital structure. “In the Commission’s view, the proposed transaction will help to ensure that Corus remains a part of the Canadian broadcasting system,” the CRTC wrote. “The Commission notes that news services across Canada continue to face significant pressures, and considers that the continued availability of Corus’s news and information services – including those provided through its radio stations – serves the public interest.” The commission used its discretion to exempt Corus from its 12-year-old tangible benefits policy, a move that fellow broadcasters had rejected. The CRTC believes forgoing the policy is in the public interest. Corus issued a news release following the decision heralding the move. “The recapitalization transaction is expected to close in the coming weeks, upon satisfaction of various closing conditions and the receipt of customary securities laws and stock exchange approvals,” it stated. The company expects no impact on clients, producers, suppliers or employees. Further details will be released once NewCo is trading on the Toronto Stock Exchange. “The recapitalization plan announced on 11/3/25 should reduce third-party indebtedness and other liabilities by around $500M and lower cash interest costs up to $40M,” Adam Shine of the National Bank of Canada wrote in a note. Corus operates 25 discretionary services, 15 conventional TV stations, 36 radio stations and online broadcasting services. ppark@thewirereport.ca

CRTC grants Corus recapitalization plan, tangible benefits not applicable

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By Paul Park
|September 21, 2026

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CRTC grants Corus recapitalization plan, tangible benefits not applicable

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