CORUS ENTERTAINMENT ANNOUNCES AMENDED AND RESTATED CREDIT FACILITY

TORONTO, Oct. 25, 2024 /CNW/ - Corus Entertainment Inc. (TSX: CJR.B) ("Corus" or the "Company") announced today that it has completed an agreement to amend and restate its existing syndicated, senior secured credit facilities with its bank group, led by RBC Capital Markets and TD Securities, as co-leads (the "Restated Credit Facility"). The Restated Credit Facility was amended and restated to, among other things, reduce the total limit on the Revolving Facility to $150 million from $300 million, with ability for the Company to request advances up to $65 million, and increase the maximum total debt to cash flow ratio required under the financial covenants to 5.75 through to and including December 31, 2024 and 7.25 from January 1, 2025 through to and including March 31, 2025.  There continue to be requirements for the Company to use any excess cash to repay outstanding balances on the Revolving Facility.  Certain other terms relating to the use of proceeds on asset disposals, the ability to incur certain indebtedness and reporting requirements have also been updated. The maturity date for the Restated Credit Facility is now March 18, 2026.

All terms are as defined in the Restated Credit Facility.

A copy of the Restated Credit Facility will be filed under the Company's profile on SEDAR+ at www.sedarplus.ca.

Caution Concerning Forward-Looking Information

This press release contains forward-looking information and should be read subject to the following cautionary language:

To the extent any statements made in this press release contain information that is not historical, these statements are forward-looking statements and may be forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking information"). This forward-looking information may relate to, among other things, the Company's capital allocation strategy, capital structure and liability management including liquidity, leverage targets, ability to repay debt and/or renegotiate existing debt terms, dividend policy and the payment of future dividends; strategic plan, objectives, goals, strategies, targets, intentions, plans, estimates and outlook, including but not limited to anticipated actions regarding or impacts to the Company's liquidity, leverage target, ability to repay debt and/or renegotiate existing debt terms; the Company's strategic plan; anticipated revenue trends; the Company's ability to manage retention and reputation risks; the Company's ability to maintain necessary access to loan and credit facilities; and expectations regarding financial performance, including capital allocation, liability management and capital structure strategy and management, operating costs and tariffs, taxes and fees; and can generally be identified by the use of words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" or the negatives of these terms and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances may 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 are applied with respect to the forward-looking information, including without limitation, factors and assumptions including: the impact of recessionary conditions and continuing supply chain constraints; the potential impact of new competition and industry mergers and acquisitions; changes to applicable tax, licensing and regulatory regimes; inflation and interest rates, stability of the advertising, subscription, production and distribution markets; changes to key suppliers or clients; operating and capital costs and tariffs, taxes and fees, the Company's ability to source, produce or sell desirable content and the Company's capital and operating results being consistent with its expectations. Actual results may differ materially from those expressed or implied in such information.

Additional information about these and other risk factors and about the material assumptions underlying any forward-looking information may be found under the heading "Risks and Uncertainties" in the Company's Management's Discussion and Analysis for the year ended August 31, 2024 and under the heading "Risk Factors" in the Company's Annual Information Form for the year ended August 31, 2024. Corus cautions that the foregoing list of important assumptions and factors that may affect future results is not exhaustive. When relying on the Company's forward-looking information to make decisions with respect to Corus, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Unless otherwise specified, all forward-looking information in this document speaks as of the date of this document and may be updated or amended from time to time. 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 that arise after the date thereof or otherwise.

About Corus Entertainment Inc.

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. Engaging audiences since 1999, the company's portfolio of multimedia offerings encompass 32 specialty television services, 37 radio stations, 15 conventional television stations, digital and streaming platforms, and social digital agency and media services. Corus' roster of premium brands includes Global Television, W Network, Flavour Network and Home Network (launching soon), The HISTORY® Channel, Showcase, Adult Swim, National Geographic and Global News, along with streaming platforms STACKTV, TELETOON+, the Global TV App and Curiouscast. Corus is also the domestic advertising representative and an original content partner for Pluto TV, a Paramount Company, which is the leading free ad-supported streaming television (FAST) service. Corus is an internationally renowned content creator, producer and distributor through Corus Studios and Nelvana. For more information visit www.corusent.com.

SOURCE Corus Entertainment Inc (IR Group)

For media inquiries, please contact: Heidi Kucher, Director, Investor Relations, Corus Entertainment Inc., [email protected]; Melissa Eckersley, Senior Director, Communications, Corus Entertainment Inc., [email protected]