(Bloomberg) -- Canada’s Corus Entertainment Inc. warned that it may soon breach its debt covenants and said it’s planning more restructuring as advertising...
-- Canada’s Corus Entertainment Inc . warned that it may soon breach its debt covenants and said it’s planning more restructuring as advertising revenue spirals downward. The shares plunged to a record low.Analysts advised shareholders to get out before the company is recapitalized. Adam Shine, an analyst at National Bank Financial , cut his price target to 1 Canadian cent. “It’s hard for us to ascribe any remaining value for equity holders,” he wrote.Corus fell 23% to close at 15.
The company, which has about C$1 billion in long-term debt, is about to lose the rights to key programming and trademark deals with Warner Bros Discovery Inc. The channels, which include HGTV and The Food Network, are highly profitable, but rival Rogers Communications Inc. will have the Canadian rights as of January.Corus, which has cut hundreds of jobs recently, needs “a much more aggressive cost-cutting drive,” Scotiabank analyst Maher Yaghi wrote in a note to investors Monday.
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