Corus Entertainment has implemented workforce reductions in its television and radio divisions. A spokesperson for the company indicated that they have enacted a limited number of adjustments in specific markets, affecting positions at Global B.C., Global National, News 640, and talk radio. These changes, though challenging, are deemed essential to restructure teams in a sustainable manner while striving to minimize disruptions to local news and audio services. This decision follows a previous round of layoffs by Corus earlier this year, primarily concentrated in Western Canada, as part of nationwide programming modifications.
In its latest financial report, Corus disclosed a net loss of $36.5 million attributed 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 restructuring initiative, which involves creditors exchanging debt for ownership stakes in a new corporate entity.