Corus Entertainment has implemented workforce reductions within its television and radio divisions. A spokesperson for the company mentioned that a limited number of adjustments have been made in specific markets, affecting positions at Global B.C., Global National, News 640, and talk radio. These changes, though challenging, are deemed necessary to restructure teams in a sustainable manner while minimizing disruptions to local news and audio services. This latest decision follows a previous round of job cuts earlier this year, primarily in Western Canada, as part of nationwide programming modifications.
Notably, Corus recently disclosed a net loss of $36.5 million attributable to shareholders in the third quarter, with a 16% decline in revenue compared to the same period last year. The company is currently seeking approval for its proposed recapitalization strategy, which involves creditors exchanging debt for ownership in a new parent company.