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Toronto, September 9, 2022 /CNW/ – Cruz Entertainment (TSX: CJR.B) (“Corus” or the “Company”) today shared its investor meeting agenda September 2022.
Doug MurphyPresident and Chief Executive Officer, Corus Entertainment will attend 23rd Annual BMO Media and Telecommunications Conference Toronto, Ontario superior September 13, 2022 exist 11:45 AM ET and at 21stone CIBC Eastern Institutional Investor Annual Conference Montreal, Quebec superior September 21, 2022 exist 10:35 AM ET.
For more information, visit the Events and Demos page on the Investor Relations section of the Corus website at www.corusent.com.
Risk Factors and Outlook Update
Corus also provides the following updates on its risk factors and outlook in light of recent developments related to the macroeconomic and other factors discussed below.For details, please refer to the “Risks and Uncertainties” and “Seasonal Fluctuations” sections in the company’s management discussion and analysis this year August 31, 2021; Section under the heading “Risk Factors” in the Annual Information Form for the year ended August 31, 2021; and the “Risks and Uncertainties” and “Seasonal Fluctuations” sections of the 3- and 9-month reports to shareholders May 31, 2022 (collectively, the “Previous MD&A”) for a full discussion of the risk factors and uncertainties that may affect the company.
As discussed in previous MD&As, the company’s operating results are affected by Canadian and global economic conditions and are subject to seasonal fluctuations that can have a material impact on quarter-to-quarter operating results. The macroeconomic environment has become increasingly uncertain over the past quarter, characterized by heightened recession risks, persistently high inflation and continued supply chain constraints. These factors have contributed to the recent contraction in ad demand and spending across the North American media industry.
In addition, as discussed in previous MD&As, disruptions caused by previously implemented public health restrictions, public sentiment about the pandemic, and ongoing COVID-19 infection rates could negatively impact the company’s operations and financial performance. The company continued to be impacted by pandemic-related conditions over the past quarter, primarily due to disruptions in consumer behavior patterns and supply chain impacting product and services advertising categories.
In the near term, the company expects the complex macroeconomic environment and ongoing pandemic-related impacts to continue to weigh on advertising revenue. Combined with the general ad spend and seasonal revenue cycles discussed earlier in the MD&A, the company now expects to see meaningful year-over-year weakness in TV ad revenue. Corus believes that the company remains well-positioned to create long-term value as it continues to invest in its business to advance its strategic plans and priorities.
Caution about forward-looking information
This press release contains forward-looking information and should be read in accordance with the following cautionary language: If any statements in this press release contain non-historical information, such statements are forward-looking statements that may be forward-looking within the meaning of applicable securities laws (collectively, the “forward-looking information”). This forward-looking information relates, inter alia, to the company’s goals, objectives, strategies, objectives, intentions, plans, estimates and outlooks, including the company’s strategic plans, adoption and expected impact of advertising and expectations for advertising trends for fiscal year 2022/2023, distribution , commodity and subscription revenue, the company’s dividend policy and payment of future dividends; the company’s leverage target; the company’s proposed share purchases, including the number of Class B non-voting shares repurchased based on its normal issuer bid, if any; and its timing; the company’s ability to manage retention and reputational risks associated with its live talent; expectations of financial performance, including capital allocation strategies and capital structure management, operating costs and duties, taxes, and fees, which can often be determined through the use of “believe”, “expect” “,” “anticipates,” “intends,” and other words to identify, “plans,” “will,” “may,” or the negative of these terms and other similar expressions. In addition, any statement that refers to expectations, forecasts or other characteristics of future events or conditions could be considered forward-looking information. Although Corus believes that the expectations reflected in such forward-looking information are reasonable, such information involves assumptions, risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions apply to the forward-looking information, including, but not limited to, factors and assumptions regarding general market conditions and the general outlook for the industry, including the potential impact of new competition and mergers and acquisitions in the industry, interest rates, advertising, distribution, merchandise and subscription markets. Stability, operating and capital costs as well as duties, taxes, the company’s ability to acquire desirable content, and the company’s capital and operating results are in line with the company’s expectations. Actual results may differ materially from those expressed or implied in such information. Important factors that could cause actual results to differ materially from these expectations include: the company’s ability to attract and retain advertising revenue; audience acceptance of the company’s television programming and cable networks; the company’s ability to recover production costs; the availability of tax credits and the existence of co-production treaties; the ability of the company to compete in any industry in which it operates; the opportunities (or lack thereof) that the company may offer and pursue; the state of the entertainment, information and communications industry and its technological developments; changes in laws and regulations or the interpretation or application of such laws and regulations; the company’s ability to integrate and realize the expected benefits of acquisitions and effectively manage its growth; the company’s ability to successfully defend litigation matters and complaints; failure to discharge the company’s senior credit facilities, senior unsecured notes or covenants under other instruments or financing; epidemics, epidemics or other public health crises, including the current COVID-19 outbreak and changes in accounting standards.For more information on these factors and the material assumptions upon which any forward-looking information is based, please see management’s discussion and analysis for the year ended under the heading “Risks and Uncertainties” August 31, 2021under the heading “Risk Factors” in the Company’s Annual Information Form for the year ended August 31, 2021 and under the heading “Risks and Uncertainties” in the Shareholders’ Reports for the three and nine months ended May 31, 2022. Corus cautions that the above list of important assumptions and factors that could affect future results is not exhaustive. Investors and others should carefully consider the foregoing factors and other uncertainties and potential events when making decisions regarding Corus in reliance on the company’s forward-looking information. All forward-looking information in this document is as of the date of this document, unless otherwise stated. Except as otherwise required by applicable securities laws, Corus disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, events or circumstances arising after its date or otherwise.
About Corus Entertainment
Corus Entertainment Inc. (TSX: CJR.B) is a leading media and content company that develops and delivers high-quality brands and content across platforms for audiences around the world. Captivating audiences since 1999, the company’s multimedia portfolio includes 33 professional TV services, 39 radio stations, 15 traditional TV stations, a suite of digital and streaming assets, animation software, technology and media services. Corus is an internationally renowned content creator and publisher, Nelvana is a world-class animation studio expert in all formats, and Corus Studios is a globally recognized producer of popular scripted and unscripted content. The company also owns innovative full-service social digital agency so.da, lifestyle entertainment company Kin Canada, leading 2D animation software provider Toon Boom and children’s book publisher Kids Can Press. Corus’ premium brands include Global TV, W Network, HGTV Canada, Food Network Canada, Magnolia Network Canada, History® Channel, Showcase, Adult Swim, National Geographic, Disney Channel Canada, YTV, Global News, Global News Network, Q107, Country 105 and CFOX, as well as the widely distributed Canadian streaming platforms STACKTV, TELETOON+, Global TV Apps and Curiouscast.For more information, please visit www.corusent.com.
SOURCECorus Entertainment Inc.
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