By Adriano Marchese

Corus Entertainment swung to a loss in its first quarter as a prolonged advertising slump continued to weigh on the company during its restructuring.

The embattled Canadian media company posted on Wednesday a net loss of 11.1 million Canadian dollars ($8 million), or C$0.06 a share, for the three months ended Nov. 30, compared with a profit of C$11.9 million, or C$0.06 a share, in the comparable quarter a year ago.

Adjusted loss came to C$0.01 a share. According to FactSet, analysts were expecting a gain of C$0.01 a share.

Revenue fell 18% to C$267.6 million. Television revenue, its largest contributor, took the biggest hit, fell 19% to C$245.1 million, while radio revenue fell 4% to C$22.5 million.

Corus has faced years of pressure as its conventional television business, which includes Global and specialty channels such as Showcase and Food Network Canada.

The company continues to lose advertising revenue as it tries to compete against major streaming platforms like Netflix and Prime Video.

Chief Executive John Gossling said first‑quarter results matched the company's outlook, noting that continued market pressures and broader industry challenges are still weighing on advertising and subscriber revenue.

In early November, Corus agreed to give control of the company to bondholders in a financial restructuring move that had the blessing of the Shaw family, its biggest shareholder.

The move was to avoid collapse, agreeing to give 99% of the ownership of the company to its bondholders in exchange for removing more than C$500 million of debt from its balance sheet.

Gossling added that he is pleased with the substantial progress made so far on the recapitalization front.

"When completed, the proposed transaction is expected to deliver substantial balance sheet improvements, including reductions of indebtedness and other liabilities... and annual cash interest savings of up to C$40 million, as well as extended maturity dates for credit facilities and notes," Gossling said.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

January 14, 2026 07:01 ET (12:01 GMT)

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