TORONTO — Corus Entertainment Inc. says it expects to have slashed 25 per cent of its full-time workforce by the end of next month compared with the beginning of its 2023 fiscal year, as the company continues to 'aggressively cut costs.
TORONTO — Corus Entertainment Inc. says it expects to have slashed 25 per cent of its full-time workforce by the end of next month compared with the beginning of its 2023 fiscal year, as the company continues to"aggressively cut costs."
The drop came as television revenue in the quarter sank 17 per cent to $308.2 million compared with $371.2 million last year, while radio revenue slipped 9.9 per cent to $23.6 million compared with $26.2 million a year earlier. Then last month, the company was hit by the loss of rights to key brands like HGTV, Food Network, Cooking Channel, Magnolia Network and OWN, as of the end of this year.
Corus soon after announced that Doug Murphy was retiring from the top job and that Gossling and fellow executive Troy Reeb had been appointed as co-CEOs. Reeb and Gossling declined to offer further details, such as whether Corus would follow Bell Media's lead by seeking an injunction to block Warner Bros. Discovery content from being broadcast when Rogers takes over as the rightsholder.
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