TORONTO – Corus Leisure Inc. says it has “made some modifications” at World Information, citing the identical headwinds which have led to large cuts at different media retailers.
TORONTO – Corus Leisure Inc. says it has “made some modifications” at World Information, citing the identical headwinds which have led to large cuts at different media retailers.
World Information spokesperson Anna Arnone says the transfer comes as a part of an ongoing analysis of its enterprise and a overview of effectivity throughout Corus.
He declined to supply additional particulars, comparable to whether or not workers had been laid off, though he stated sure roles had been affected.
“These modifications correlate with the present financial and regulatory actuality that we and different media organizations discover ourselves in,” Arnone stated in an emailed assertion.
“We regularly work to enhance the best way we acquire, produce and ship award-winning content material.”
Corus introduced final week that Warner Bros. Discovery had knowledgeable it that a few of its programming offers wouldn’t be renewed once they expire on the finish of the yr.
On Monday, Rogers Communications Inc. stated it had signed multi-year offers with NBCUniversal and Warner Bros. for its well-liked life-style and leisure manufacturers in Canada, together with HGTV, Meals Community and others.
It will come into impact in January 2025.
In April, Corus CEO Doug Murphy stated the corporate continues to chop prices following job cuts and a scheduling discount plan that started final yr.
He stated the corporate lowered bills by 13 p.c, or $38 million, in its newest quarter ended Feb. 29, and has reduce prices 15 p.c, or $88 million, to date. goes of the yr.
Corus reported a loss attributable to shareholders of $9.eight million in its second quarter, as Murphy stated there might nonetheless be lingering results from final yr's Hollywood strikes that brought about a drop in promoting.
He additionally cited “different present distortions within the promoting market, whether or not because of the economic system or elevated competitors.”
Final month, Canada's broadcasting regulator granted Corus' request to ease a few of its spending necessities on Canadian content material after the corporate warned of an more and more dire monetary state of affairs.
The broadcaster had requested the CRTC to make the modifications “urgently” final October, saying they would offer “much-needed flexibility” amid programming and promoting uncertainty, in addition to “severely constrained” funds. .
Corus shares closed down 5 cents, or 17.5 per cent, at 23.5 cents on the Toronto Inventory Trade on Wednesday.
Different broadcasters have reduce jobs this yr amid monetary issues.
Bell Canada cited an absence of progress in its request for regulatory reduction when it introduced in February that it will reduce four,800 extra positions, promote 45 radio stations, finish a number of tv newscasts and eradicate different programming.
This report by The Canadian Press was first printed June 12, 2024.
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Sammy Hudes, The Canadian Press