51 replies to this topic

[Bambam]

Somehow missed this recently: Corus has engaged third party Jefferies Financial Group to sell the business. No surprise as Corus shares have been tanking forever and the company is massively in debt. That will raise questions potentially in the mid to long term re: the viability of Global/CTV as they have quietly been looking to get out of traditional broadcasting:

 

Global News parent company Corus explores potential sale | National Post

[Victoria Watcher]

Corus Entertainment made numerous cuts in its radio news division on Wednesday across stations in Calgary, Edmonton, Toronto, and Vancouver, as well as some smaller markets.

 

“We can confirm that, as part of programming refresh across our AM portfolio, we have made some difficult but necessary changes to our radio teams in various markets across Canada to ensure a sustainable future for Corus,” a Corus spokesperson told Broadcast Dialogue in an email. “As a result, certain roles have been impacted but others have been added or changed.”

 

Among those confirming their departure is QR (CHQR-AM) Calgary afternoon host Rob Breakenridge, who had been with the company for 27 years.

 

“Well, it’s been an amazing ride but after 27 years my time at Corus Radio come to an end,” Breakenridge wrote in a post to X. “I’m the latest, but sadly not the last, casualty of cuts/restructuring in the media industry. Thanks so much to all the listeners who allowed me into their lives for a few hours each day.”

 

 

https://broadcastdia...dio-properties/

Edited by Victoria Watcher, 20 November 2024 - 04:35 PM.

[Bambam]

Hard to believe those guys had a market cap of over 1 billion $ less than five years ago. Today there are a few houses in this region that have more value. Corus weren't the only ones busy wielding an axe this week, Rogers also whacked a bunch of staff from their radio and podcasting business units.

[Bambam]

If anyone wants to pad their investments you can pick up some accordingly priced Corus shares........for .10/share. 

[Victoria Watcher]

Corus paid bonuses to executives this year as its shares collapsed

 

 

As Corus Entertainment Inc. struggled this year to keep itself out of insolvency proceedings and laid off more than 800 people, the company paid $1.8-million in bonuses to five top executives, largely based on hitting targets for cash flow.

 

Corus paid cash bonuses of $555,401 and $438,868, respectively, to co-chief executive officers John Gossling and Troy Reeb for their performance in its fiscal year ended Aug. 31. Jennifer Lee, an executive vice-president and the company’s chief legal officer, received $221,732.

 

Heather Shaw, the executive chair and a member of the Shaw family, who control Corus through a voting trust, received a $227,916 bonus on top of $390,000 in salary. The company said that, effective last March 1, Ms. Shaw voluntarily reduced her annual base salary to $155,000, from $625,000, and dropped out of the annual bonus plan. Ms. Shaw’s total fiscal 2024 compensation of $585,916 compares with $2.41-million in fiscal 2023 and $2.92-million the year before.

 

The company also paid a $366,670 bonus to Gregory McLelland, the former executive vice-president and chief revenue officer, who left Aug. 31 when Corus eliminated his position.

Doug Murphy, the former CEO who left June 17, received $3.85-million in severance pay, Corus said. That brought his total compensation to $4.63-million.

 

The total compensation for the four current executives, plus the two departed ones, was just under $13-million. The company’s current market capitalization is about $19-million.

Corus disclosed the compensation in its annual proxy statement to shareholders.

 

Corus shares fell 90 per cent over the course of the fiscal year, to 14 cents at the end of August, as investors feared for Corus’s ability to remain solvent. The stock closed at 9 cents Wednesday.

The company has more than $1-billion in debt due for repayment between now and 2030. Since early September, Corus has received two extensions from its bank group – which is led by Royal Bank of Canada and Toronto-Dominion Bank – to avoid default.

 

 

 

https://www.theglobe...ares-collapsed/

 

 

The total compensation for the four current executives, plus the two departed ones, was just under $13-million. The company’s current market capitalization is about $19-million.

 

Edited by Victoria Watcher, 20 December 2024 - 10:37 PM.

[Bambam]

Now this is truly 'clown world'. Its beyond belief actually. I've been fortunate enough to be part of several orgs over the years including my current employer, that paid out various bonuses - quarterly, annually, year-end etc. I've never yet however been associated with one that pays out any sort of bonus for running the business into the ground.....

[Victoria Watcher]

How can they pay $13 million in bonuses alone on a company with so little value?

[Bambam]

^ Good question.....explanation here which at best made the bonuses based on some pretty nebulous KPI metrics i.e. "cash flow" (as opposed to increased net revenues, profit margins, improved operational efficiencies etc.,}, in addition to the BOD's assessment of "individual" performance. Given the gruseome financial state of the company I'd like to know how the latter particularly were determined in favor of those individuals:

 

Corus paid bonuses to executives this year as its shares collapsed - The Globe and Mail

[Mike K.]

The CBC comes to mind.

[Bambam]

Was referring specifically to the private sector. Sadly one has come to expect a taxpayer-sucking public org like CBC to waste money by doing stupid things like giving out bonuses in an org that's reported hundreds of millions in losses for a decade + and counting. In no private org I've ever been in OTOH have bonuses of any kind been dispersed when organizational goals or personal KPI's have not been met.

 

Really be interested in knowing how the Corus board justified them in this case with a straight smile.....

Edited by Bambam, 23 December 2024 - 07:06 PM.

[Mike K.]

Corus paid the bonuses because the goals of their executives were met, no?

[Matt R.]

Corus, Global, close enough.

Richard Zussman has revealed he’s going into the PR world with Burson.

https://dailyhive.co...ssman-next-move