The job losses, which amount to around 800 positions, come during a turbulent year for the
On Monday, Corus reported a loss attributable to shareholders of
The drop came as television revenue in the quarter sank 17 per cent to
"We're making tough decisions to shutter areas of the business we can no longer sustain and pause longer term development activities while we implement efficiency initiatives," said co-chief executive
"Our plan is to emerge as a smaller but more profitable business with a sustainable future."
Corus has attributed the advertising slump this year in part to lingering effects from the 2023 Hollywood strikes that delayed production of key programming, along with inflationary and competitive challenges.
In May, Canada’s broadcasting regulator granted the company's request to ease some of its Canadian content spending requirements after it warned of an increasingly dire financial situation. The CRTC noted the risk of Corus exiting the Canadian broadcasting landscape "would greatly reduce the options Canadian viewers have for content."
Then last month, the company was hit by the loss of rights to key brands like
That was due to
Rogers is also set to take over the Canadian programming rights from Bell Media for television channels such as Discovery Channel Canada, Discovery Velocity, Discovery Science and Animal Planet.
Corus soon after announced that
Reeb told analysts that Corus intends to continue providing home and culinary content under new television channel brands following the Warner Bros. deal with Rogers.
He said the company is exploring "all legal and regulatory remedies" in response to that agreement, noting "our intent is to do what we need to do to protect our business."
Reeb and Gossling declined to offer further details, such as whether Corus would follow Bell Media's lead by seeking an injunction to block
"I don't think we want to reveal the overall strategy at this point, but ... don't assume that the only line of defence is through the regulator," said Gossling.
Corus said its third quarter loss amounted to
On an adjusted basis, Corus says it lost
Shares in the company were down
RBC analyst
As part of Corus' plan to reduce costs, Reeb said the company's news branch "will continue to drive industry leading efficiency efforts," while leaning on digital technology to keep creating local content.
He said the company must "redouble our efforts to reduce legacy costs, not just in news, but in all areas of the business."
"We are fortunate at Corus to have tremendous legacy in our brands," he said.
"But that does not mean we also have to carry legacy cost structures."
This report by The Canadian Press was first published
Companies in this story: (TSX:CJR.B)
Note to readers: This is a corrected story. A previous version stated Corus reported an adjusted loss of
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