The Canadian Radio-television and Telecommunications Fee (CRTC) has accredited the beforehand introduced recapitalization transaction plan for Corus Leisure (Corus).
The deal was accredited by the Ontario Superior Courtroom in March, however was topic to CRTC approval for the possession transaction.
Corus Leisure, the mum or dad firm of International Information, had reached the proposed take care of its secured lenders in November 2025 in an try to restructure the corporate’s $1.1 billion of debt.
In its Thursday decision, the CRTC stated it held public session on the appliance and acquired 53 interveners representing a variety of views from broadcasters, business associations and group teams.
It assessed that as Canada’s largest impartial broadcaster, Corus makes “vital contributions” as a “main broadcaster” through its native, regional, and nationwide information programming, and assist for programming produced by impartial producers.
The fee exercised its discretion to approve the take care of an exemption from its tangible advantages coverage within the transaction, a coverage that often requires the customer to “pay ahead” a proportion of the acquisition worth to the CRTC that’s then distributed into impartial Canadian media funds to finance Canadian content material creation.
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“In making this dedication, the Fee thought-about the distinctive nature of the proposed transaction, Corus’s monetary circumstances, the absence of an inexpensive various to the recapitalization, Corus’s distinctive function throughout the Canadian broadcasting system, the general public curiosity in supporting the continued operation of its broadcasting companies, and the precious content material it presents to Canadians, particularly, information and knowledge programming,” the choice states.
“The Recapitalization Transaction is predicted to strengthen Corus’ monetary place and supply a long-term answer that helps a sustainable enterprise technique by materially decreasing current debt and sustaining secured lending facility and liquidity entry,” acknowledged Corus Leisure in a press launch.
The deal features a discount of whole debt and liabilities by greater than $500 million and a slashing of annual money curiosity by as much as $40 million in addition to extending debt maturity by 5 years.
The recapitalization plan adopted a interval of declining promoting income, heightened competitors from streaming companies, and a difficult regulatory atmosphere in addition to a sequence of cost-cutting measures by the media firm.
Corus stated the transaction is predicted to shut within the coming weeks after numerous closing situations are happy.