The Globe and Mail reports in its Thursday, Jan. 15, edition that Corus Entertainment reported double-digit declines in revenue and profit in its first quarter while preparing a recapitalization plan to restructure its debt-heavy balance sheet. The Globe's Irene Galea writes that consolidated revenue was down 18 per cent for the quarter ended Nov. 30, while consolidated profit declined by 32 per cent. Corus has attempted to rewire its operations and cope with the decline of its legacy television and radio advertising businesses. It posted a net loss attributable to shareholders of $11.1-million for the quarter, with negative free cash flow of $53.6-million. Chief executive officer John Gossling said Corus has made progress related to the proposed recapitalization transaction first announced in November, which will be put to a security-holder vote on Jan. 30. The restructuring will involve exchanging $500-million in senior unsecured notes for equity in a new parent company, NewCo, that will own Corus. The note holders will own 99 per cent of the new company's shares. All existing Corus shares will be exchanged for shares in the new company collectively worth 1 per cent of the total equity.