The CRTC has opened a proceeding regarding a February application from Corus Entertainment seeking approval to change the ownership of all its licensed programming services to a new parent company as part of Corus’s recapitalization plan that it announced in November.
That plan, which received court approval in March from the Ontario Superior Court of Justice, is designed to reduce the financially troubled media company’s third-party debt and other liabilities by more than $500 million.
Under a proposed debt-for-equity recapitalization transaction, some of Corus’s lenders would forgive approximately $500 million in debt in exchange for 99 per cent ownership of a newly created parent corporation (NewCo), which would wholly own Corus and its services.
Corus’s portfolio of licensed programming services include 36 radio stations, 24 discretionary services (including Adult Swim, Flavour Network, History, Home Network, Showcase, Slice and W Network), and 16 conventional television stations (Global TV stations).
Corus has said the recapitalization transaction is necessary to address its high debt load and declining cash flow resulting from industry pressures, and to improve financial stability to support the continued operation of its services. It has not requested new broadcasting licences nor changes to existing conditions of service; however, it cited its ongoing financial challenges in support of a request for an exception to the CRTC’s tangible benefits policy, which requires the purchaser of a TV service or radio station to make financial contributions to support the Canadian broadcasting system.
The submission deadline for interventions, comments and answers is June 25, 2026.
