Licence writedown sees Corus report $936 million loss while company slashes dividend and unveils new strategy to combat OTT

By John Bugailiskis

TORONTO – As widely expected, Corus Entertainment today slashed its dividend as part of a plan to reduce debt and re-invest in its core business as it struggles to compete with Facebook, Google, OTT providers, internet radio and global change in content consumption.Corus is cutting its annual dividend by 79% to $0.24 per share for Class B shares (to take effect Sept. 1, 2018). It also announced a quarterly loss of $935.9 million tied to its devaluation of its broadcast licenses. The loss includes a $1.01-billion non-cash impairment charge related to broadcast licences and goodwill.Television business revenue fell 5% to...