Ms. Melissa Eckersley reports

CORUS ENTERTAINMENT RECEIVES COURT ORDER TO PROCEED WITH RECAPITALIZATION TRANSACTION VIA CBCA

Corus Entertainment Inc. has received an order from the Ontario Superior Court of Justice (commercial list) to proceed with its previously announced recapitalization transaction, pursuant to a plan of arrangement under the Canada Business Corporations Act.

The recapitalization transaction remains subject to, among other things, satisfaction of the terms and conditions in the support agreements with key stakeholders and the receipt of all customary and necessary regulatory approvals, including from the Canadian Radio-television and Telecommunications Commission and the Toronto Stock Exchange.

Corus is working expeditiously to obtain all necessary regulatory approvals and complete the recapitalization transaction as soon as reasonably practicable. Corus will provide updates as to timing of completion when further information regarding timing of CRTC approval is known.

Transaction benefits

The recapitalization transaction is designed to strengthen Corus's financial foundation and support the company's long-term business strategy by:

• Reducing total third party debt and other liabilities by more than $500-million;
• Decreasing initial annual cash interest payments by up to $40-million;
• Extending debt maturity by five years;
• Maintaining continued access to a $125-million secured revolving credit facility.

For more details regarding the recapitalization transaction, visit the Corus website.

Corus continues to operate in the normal course of business with no changes to any obligations to its clients, suppliers, production partners, trade creditors or employees, and looks forward to completing the recapitalization transaction.

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 has a portfolio of multimedia offerings that encompasses 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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