Corus Entertainment has announced workforce reductions in its television and radio divisions. A spokesperson for the company stated that a limited number of adjustments have been implemented in specific markets, affecting positions at Global B.C., Global National, News 640, and talk radio. These changes, while challenging, are deemed essential to ensure the sustainability of their teams and minimize disruptions to local news and audio services. This decision follows previous job cuts primarily in Western Canada earlier this year, aligning with nationwide programming alterations.
In its recent financial report, Corus reported a net loss of $36.5 million attributable to shareholders in the third quarter, with a 16% decline in revenue compared to the previous year. The company is currently seeking approval for its proposed recapitalization strategy, aiming to restructure debt by exchanging it for equity in a new parent company.