TORONTO, Sept. 9,
2022 /CNW/ - Corus Entertainment Inc. (TSX:
CJR.B) ("Corus" or the "Company") today shared its investor
conference schedule for September
2022.
Doug Murphy, President and Chief
Executive Officer, Corus
Entertainment will participate in the 23rd Annual
BMO Media & Telecom Conference in Toronto, Ontario on September 13, 2022 at 11:45 a.m. ET and in the 21st Annual
CIBC Eastern Institutional Investor Conference in Montreal, Quebec on September 21, 2022 at 10:35 a.m. ET.
Further information is available on the Events and Presentations
page in the Investor Relations section of the Corus website at
www.corusent.com.
Risk Factors and Outlook
Updates
Corus is also providing the following updates in respect of its
risk factors and outlook in light of the most recent developments
relating to macroeconomic and other factors discussed below. Please
refer to the sections "Risks and Uncertainties" and "Seasonal
Fluctuations" in the Company's Management's Discussion and Analysis
for the year ended August 31, 2021;
the section under the heading "Risk Factors" in the Annual
Information Form for the year ended August
31, 2021; and the sections "Risks and Uncertainties" and
"Seasonal Fluctuations" in the Report to Shareholders for the three
and nine months ended May 31, 2022
(collectively, "prior MD&As") for a complete discussion of risk
factors and uncertainties that may affect the Company.
As discussed in the prior MD&As, the Company's operating
performance is affected by Canadian and worldwide economic
conditions and is subject to seasonal fluctuations that can
significantly impact quarter to quarter operating results. In the
past quarter, the macroeconomic environment became increasingly
uncertain, characterized by heightened risk of recession,
persistently high inflation and continuing supply chain
constraints. These factors have contributed to recent contractions
in advertising demand and spending across the North American media
industry.
Also, as discussed in the prior MD&As, disruptions caused by
the prior imposition of public health restrictions, public
sentiment about the pandemic, and continuing COVID-19 infection
rates can negatively impact the Company's operations and financial
performance. The Company continued to be impacted by
pandemic-related conditions in the past quarter, primarily due to
disruptions to consumer behaviour patterns and supply chains
affecting both product and service advertising categories.
In the near-term, the Company expects the complex macroeconomic
environment and ongoing pandemic-related impacts to continue to put
pressure on advertising revenues. Combined with general advertising
spending and seasonal revenue cycles discussed in the prior
MD&As, the Company currently expects meaningful year-over-year
softness in Television advertising revenue. Corus believes it
remains well-positioned to create value over the long term as the
Company continues investing in its businesses to advance its
strategic plan and priorities.
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
relates to, among other things, the Company's objectives, goals,
strategies, targets, intentions, plans, estimates and outlook,
including the adoption and anticipated impact of the Company's
strategic plan, advertising and expectations of advertising trends
for fiscal 2022/2023, distribution, merchandise and subscription
revenue, the Company's dividend policy and the payment of future
dividends; the Company's leverage target; the Company's proposed
share purchases, including the number of Class B non-voting shares
to be repurchased under its normal course issuer bid, if any, and
timing thereof; the Company's ability to manage retention and
reputation risks related to its on-air talent; expectations
regarding financial performance including capital allocation
strategy and capital structure 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 negative 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 regarding the general market conditions and general
outlook for the industry including the potential impact of new
competition and industry mergers and acquisitions, interest rates,
stability of the advertising, distribution, merchandise and
subscription markets, operating and capital costs and tariffs,
taxes and fees, the Company's ability to source desirable content
and the Company's capital and operating results being consistent
with the Company's expectations. Actual results may differ
materially from those expressed or implied in such
information. Important factors that could cause actual
results to differ materially from these expectations include, among
other things: the Company's ability to attract and retain
advertising revenue; audience acceptance of the Company's
television programs and cable networks; the Company's ability to
recoup production costs; the availability of tax credits and the
existence of co-production treaties; the Company's ability to
compete in any of the industries in which it does business; the
opportunities (or lack thereof) that may be presented to and
pursued by the Company; conditions in the entertainment,
information and communications industries and technological
developments therein; changes in laws or regulations or the
interpretation or application of those laws and regulations; the
Company's ability to integrate and realize anticipated benefits
from its acquisitions and to effectively manage it's growth; the
Company's ability to successfully defend itself against litigation
matters and complaints; failure to meet covenants under the
Company's senior credit facility, senior unsecured notes or other
instruments or facilities; epidemics, pandemics or other public
health crises, including the current outbreak of COVID-19 and
changes in accounting standards. Additional information about
these 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,
2021, under the heading "Risk Factors" in the Company's
Annual Information Form for the year ended August 31, 2021 and under the heading "Risks and
Uncertainties" in the Report to Shareholders for the three and nine
months ended May 31, 2022.
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. Unless 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
Corus Entertainment Inc. (TSX: CJR.B) 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 33 specialty
television services, 39 radio stations, 15 conventional television
stations, a suite of digital and streaming assets, animation
software, technology and media services. Corus is
an internationally-renowned content creator and
distributor through Nelvana, a world
class animation studio expert in all formats and Corus
Studios, a globally recognized producer of hit scripted and
unscripted content. The company also owns innovative
full-service social digital agency so.da, lifestyle
entertainment company Kin Canada, leading 2D animation software
supplier Toon Boom and children's book publishing house, Kids
Can Press. Corus' roster of premium brands includes Global
Television, W Network, HGTV Canada, Food Network Canada, Magnolia
Network Canada, The HISTORY® Channel, Showcase, Adult Swim,
National Geographic, Disney Channel Canada, YTV, Global
News, Globalnews.ca, Q107, Country 105, and CFOX, along with
broadly distributed Canadian streaming platforms STACKTV,
TELETOON+, the Global TV App and Curiouscast. For more information
visit www.corusent.com.
SOURCE Corus Entertainment Inc.