Corus Entertainment Inc. T.CJR.B

Like I said before...$0.50 stock

[Reachme]

• Consolidated revenue was flat for the quarter and decreased 5% for the year
• Consolidated segment profit(1) decreased 18% for the quarter and 25% for the year
• Consolidated segment profit margin(1) of 14% for the quarter and 22% for the year
• Net income attributable to shareholders of $50.4 million ($0.25 per share basic) for the quarter, which includes gain on business divestiture of $142.3 million and impairment charges of $100.0 million related to broadcast license and brands and trade marks. Net loss attributable to shareholders of $428.7 million ($2.15 loss per share basic) for the year, which includes a gain on business divestiture of $142.3 million as well as non-cash impairment charges of $690.0 million for the year
• Proforma net debt to segment profit(1) of 3.62 times at August 31, 2023, which excludes contributions to segment profit from business divestiture, up from 3.02 times at August 31, 2022, and down from 3.85 times at the end of the third quarter
• Free cash flow(1) of $31.7 million for the quarter and $106.8 million for the year
• Corus suspends dividend; intends to redirect capital to debt repayment

[Puma1back]

The dividend cut was good news - what is still surprising is that after all these write downs, the book value is still about $1.60.  they have been more aggressive than Bell at writing down these media assets. 

[Puma1back]

it is now difficult imo to see this as a going forward public company given the Shaw family have voting control. They could easily privatize this for $300 million or so and probably buy a chunk of unsecured notes at a heavy discount  and make $ right out of the gates.  

[sorrenson]

What percent do the Shaws have.  ? From what I see its under 8% which is not massive. Am I missing a block somewhere