Ms. Melissa Eckersley reports

CORUS ENTERTAINMENT PROVIDES VOTING RESULTS AND UPDATE REGARDING PROPOSED RECAPITALIZATION TRANSACTION

Corus Entertainment Inc. has released the results of voting in respect of its proposed recapitalization transaction contemplated pursuant to a plan of arrangement under Section 192 of the Canada Business Corporations Act and as described in the management information circular of the company dated Jan. 2, 2026. Voting was completed by the holders of the company's Class A voting shares and Class B non-voting shares and the holders of the company's outstanding unsecured senior notes in the aggregate principal amount of $750-million in respect of the arrangement. Based on the voting results, the requisite number of votes cast to pass the resolution in support of the arrangement was obtained by each of the senior noteholders and the Class A shareholders but not by the Class B non-voting shareholders (who were entitled to vote in this circumstance).

Strong overall support; company intends to seek court approval of recapitalization transaction

As indicated by the voting results below, there is strong overall support for the arrangement, which represents the outcome of an exhaustive review of alternatives by the board of directors of Corus. Pursuant to the recapitalization transaction, Corus seeks to reduce its total third party debt and other liabilities by more than $500-million, decrease annual cash interest payments by up to $40-million, and preserve the company in its vital role as a leading independent Canadian broadcaster.

"We continue to strongly believe that the recapitalization transaction is fair and reasonable and in the best interests of Corus and its stakeholders. It represents the best viable option to secure Corus's future while preserving the most shareholder value", said Mark Hollinger, independent lead director of the board. "In other restructuring scenarios, it is unlikely that shareholders will recover any amounts."

As previously disclosed in the circular, Corus may, pursuant to the interim order of the Ontario Superior Court of Justice (Commercial List) made on Dec. 17, 2025, seek court approval of the arrangement even if shareholders do not pass the resolution. As such, Corus intends to seek such approval at a hearing that is currently scheduled for March 12, 2026. The company will issue a further press release to the extent the date of the approval hearing changes.

Corus continues to operate in the normal course of business with no changes to any obligations to its employees, audiences, partners and stakeholders.

Voting results

Of the votes cast at the meetings with respect to the arrangement:

• An aggregate of 659,914,000 votes from senior noteholders were voted in favour of the arrangement, representing 99.9 per cent of the votes cast by senior noteholders;
• An aggregate of 3,251,646 Class A voting shares were voted in favour of the arrangement, representing 99.7 per cent of the votes cast by Class A shareholders; 97.2 per cent of all Class A voting shares outstanding were voted;
• An aggregate of 35,751,739 Class B non-voting shares were voted in favour of the arrangement, representing 61.2 per cent of the votes cast by Class B non-voting shareholders; 29.8 per cent of all Class B non-voting shares outstanding were voted. At least two-thirds of the votes cast by the holders of Class B non-voting shares, voting separately as a class, was required to pass the resolution.

The company will provide the final results of voting on its SEDAR+ profile.

About Corus Entertainment Inc.

Corus Entertainment is a leading media and content company that develops, delivers, and distributes high-quality brands and content across platforms for audiences around the world. Engaging audiences since 1999, the company's portfolio of multimedia offerings encompass 25 specialty television services, 36 radio stations, 15 conventional television stations, digital and streaming platforms, and social digital agency and media services. Corus's roster of premium brands includes Global Television, W Network, Flavour Network, Home Network, The History Channel, Showcase, Slice, Adult Swim, National Geographic and Global News, along with streaming platforms StackTV, Teletoon+, the Global TV app and Curiouscast.

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