The news came out early. And it's not good for Corus stockholders.

Corus Entertainment Halts Dividend to Repay Debts

In other bad news, revenue from its radio division is down 3%. Does this mean more changes are ahead for AM 640?

"The company's television segment, its largest, remained virtually unchanged at C$314.2 million, while revenue at its radio segment fell 3% to C$24.6 million."

Corus Entertainment Divestiture Boosts Profit in 4Q, Revenue Flat on Lower Ad Demand

The problem is you can only sell an asset once, in this case their animation division. Then what else do you do? 

paterson1 wrote:

Interesting that the CEO mentioned that STACK TV had 700,000 subscribers and that radio revenue for the year was up 3% over last year.

Not sure where you're getting that radio revenue was up. A declarative sentence in the link you can't open for some reason states it clearly:

"The company's television segment, its largest, remained virtually unchanged at C$314.2 million, while revenue at its radio segment fell 3% to C$24.6 million."

According to the link you provided, radio revenue for the fiscal year 2022, ending in August (in the thousands of dollars) was $105,878. In the same period in 2023, it was down to $102,772. In the three months ending in August, it was $25,424 in 2022 vs. $24,611 in 2023.

Perhaps the fact they didn't provide a minus sign is confusing. But the radio side isn't making as much money as it did last year. 

It looks like the carnage at Corus isn't over. The company admits it's already reduced its workforce by 15% during the past year and as much as 8% over the summer - but more may be on the way.

"The cuts are not completed and the company is continuing to look at “all other opportunities to reduce costs,” [president and CEO Doug Murphy] said."

Again, I have to wonder - how safe is anyone working at AM640, which is far from profitable? They've already networked several of their shows, including Alex Pierson, Kelly Cutrara and Dani Stover now running live in other markets, namely London and Hamilton. And overnights, The Shift is running on Corus talk stations across the country.

It means that in the latter two markets, only the morning and afternoon drive shifts are local. All the rest come from somewhere else. I wonder what their dwindling audience feels about this, as the Toronto hosts talk about Toronto issues in London? The irony is, the more they cut, the more the audience is likely to tune out. 

How much more is there left to dump, with so many simulcasts already taking the place of departed salaries? I think this is going to be a winter of their discontent at Corus Quay.

Corus reveals 15% cut in workforce, TV ad revenue set for strike-related slump