The Southern Ontario/WNY Radio-TV Forum » CRTC Approves Takeover Of Corus

RadioActive · September 17, 2026 4:49 pm

It's been a while coming, and the formal announcement was held back until 4 PM, after the stock markets closed.

But the CRTC has granted an application by Corus to allow a change in ownership of the company and who controls it.

You can read the entire decision here, including who intervened in the hearing. But the gist of the document may be best contained in these paragraphs from the Commission.

"Under the proposed transaction, a newly created parent company (NewCo) would acquire ownership of Corus. Certain lenders would exchange approximately $500 million in debt for a 99% ownership interest in NewCo, which would own Corus and its traditional and online broadcasting services.

Following completion of the transaction, Canso Investment Counsel Ltd. (Canso), a corporation controlled by John Carswell, is expected to hold approximately 44% of the voting interests in NewCo, making it the largest shareholder. No shareholder would hold a majority voting interest. NewCo’s shares would be listed on the Toronto Stock Exchange..."

As for who would actually control the new Corus?

"...The Commission notes that these rights assigned to Canso are limited in scope and temporary in nature. While they permit Canso to influence certain decisions relating to the implementation of the transaction, they do not provide Canso with the ongoing ability to determine the corporation’s affairs. Responsibility for directing the corporation, including its day-to-day operations and strategic decision-making activities, will rest with NewCo’s board of directors."

The CRTC notes this John Carswell is Canadian and can therefore be involved in running and owning a Canadian radio station. It also called the company the largest private broadcaster in Canada that provides jobs and news for listeners, and that was part of the reason for agreeing to the new arrangement to try to save the financially troubled media corporation.

So what happens now? We may not know for a while. It often takes time for an incoming ownership to determine what they're going to do with their new toy. But you can expect some changes coming to Corus stations sooner than later. I just hope it's not more job cuts and pullbacks in programming.

Either way, there's a new Corus in town. Where it goes from here and what happens to its stations is anybody's guess.

bmaudioworks · September 17, 2026 4:59 pm

Sick and tired of the CRTC waiting for the stock markets to close before they release decisions.

RadioActive · September 17, 2026 5:02 pm

bmaudioworks wrote:
Sick and tired of the CRTC waiting for the stock markets to close before they release decisions.

They did it to protect a run on or a sell off of the stock. It's something they always do in cases like this. But they can't stop what might happen tomorrow when the TSX re-opens at 9 AM.

RadioActive · September 17, 2026 5:05 pm

Some of the intervenors in this case worried about the possible loss of jobs. The company had this reposnse:

"Corus submitted that concerns regarding future employment levels, Canadian programming, service reductions and stewardship of the broadcasting services were speculative and unsupported by the record.

It stated that the proposed transaction is intended to improve its financial position and support the continued operation of its broadcasting services. Corus further stated that it would remain subject to all existing regulatory obligations following completion of the transaction..."

Unsupported? How many people have they let go from the place? Obviously, the CRTC was satisfied with the answers it got, so they approved the takeover.

It goes on:

"The Commission has carefully considered the concerns raised by interveners regarding local news, Canadian programming, accessibility, employment levels and service to communities. While the Commission acknowledges those concerns, the record does not establish that the transaction itself would result in the adverse outcomes identified, including the closure of individual services."

Tell that to the former employees of CHML, CHQT Edmonton and CKGO in New Westminster, B.C. among others.

RadioAaron · September 17, 2026 6:28 pm

RadioActive wrote:
Some of the intervenors in this case worried about the possible loss of jobs. The company had this reposnse:

"Corus submitted that concerns regarding future employment levels, Canadian programming, service reductions and stewardship of the broadcasting services were speculative and unsupported by the record.

It stated that the proposed transaction is intended to improve its financial position and support the continued operation of its broadcasting services. Corus further stated that it would remain subject to all existing regulatory obligations following completion of the transaction..."

Unsupported? How many people have they let go from the place? Obviously, the CRTC was satisfied with the answers it got, so they approved the takeover.

It goes on:

"The Commission has carefully considered the concerns raised by interveners regarding local news, Canadian programming, accessibility, employment levels and service to communities. While the Commission acknowledges those concerns, the record does not establish that the transaction itself would result in the adverse outcomes identified, including the closure of individual services."

Tell that to the former employees of CHML, CHQT Edmonton and CKGO in New Westminster, B.C. among others.

I mean, on the radio side, Corus has already done most of the dirty work. When a market like Ottawa is down to just a few sales people, there really is nothing much left to cut at this point.

The debt-holders who now own the place have no interest in running the stations; that's a terrible way to get their money back. They'll sell them - and whoever chooses to buy them will actually have to add staff, not cut it, if they want to make a go of it. They may end up closing some (or all) AMs, but that was going to happen regardless.

This is the light at the end of the tunnel.

Dicky Doo · September 17, 2026 6:37 pm

bmaudioworks wrote:
Sick and tired of the CRTC waiting for the stock markets to close before they release decisions.

Out of curiosity, is your interest in today's decision that of a potential Corus buyer or seller? If neither, what difference if the announcement was made at 10:00 a.m., noon or 3:00 p.m.?

Last edited by Dicky Doo (September 17, 2026 6:41 pm)

paterson1 · September 17, 2026 6:41 pm

bmaudioworks wrote:
Sick and tired of the CRTC waiting for the stock markets to close before they release decisions.

That's normal for business or government agencies to release major announcements after the markets close. Federal and provincial budgets also are not issued until after the market day. This has been going on for a long long time. It is done to give a bit of time for markets to digest the information and makes the likelihood of an over reaction a little less.

Chrisphen · September 17, 2026 7:45 pm

Iranian shell corp? Who knows?

Media Nerd · September 17, 2026 8:31 pm

Unfortunately, I anticipate cuts are likely as this recap fixes only part of the problem. They still needed its lenders to extend relief through October 31. So the operating business is still under real pressure.

Happy they saved it but it’s my opinion growth is not the new owners goal.

RadioActive · September 17, 2026 8:40 pm

Here's Broadcast Dialogue's version of the story. Interesting that Corus appears to be off the hook for CanCon contributions until the company recovers somewhat.

CRTC approves Corus Entertainment recapitalization plan

RadioAaron · September 17, 2026 8:47 pm

Media Nerd wrote:
Happy they saved it but it’s my opinion growth is not the new owners goal.

It's absolutely not. This is the end of Corus, a company the Shaw family deliberately set up to fail in order to get the big Rogers payout for the reset of their business.

RadioAaron · September 17, 2026 9:05 pm

I would add, those who have been left running Corus have done a really great job under the circumstances.They focused on Global News, STACKtv, and Pluto, where there's actual potential growth.

On the radio side, their stations in Toronto and Vancouver, which generate good revenue, have been spared the huge cuts that have inflicted other markets. So many of their stations elsewhere have either just one or no local announcer per station. That's terrible, but necessary.

Last edited by RadioAaron (September 17, 2026 9:06 pm)

Media Nerd · September 17, 2026 9:27 pm

RadioAaron wrote:
Media Nerd wrote:
Happy they saved it but it’s my opinion growth is not the new owners goal.
It's absolutely not. This is the end of Corus, a company the Shaw family deliberately set up to fail in order to get the big Rogers payout for the reset of their business.

Seems you’re also under the opinion that the new owners are going to be pretty ruthless?

RadioAaron · September 17, 2026 9:34 pm

Media Nerd wrote:
RadioAaron wrote:
Media Nerd wrote:
Happy they saved it but it’s my opinion growth is not the new owners goal.
It's absolutely not. This is the end of Corus, a company the Shaw family deliberately set up to fail in order to get the big Rogers payout for the reset of their business.
Seems you’re also under the opinion that the new owners are going to be pretty ruthless?

They're going to sell everything they can.

mic'em · September 18, 2026 6:12 am

My thinking is Corus is doing what is necessary to survive in an increasingly negative industry. Rogers, on the other end of the spectrum, is just heartless in it's quest for maximum profit and/or to fulfill the seemingly losing wish for a championship professional sports team.

Last edited by mic'em (September 18, 2026 6:13 am)

RadioActive · September 18, 2026 6:23 am

Rogers and Warner Brothers played their part in this sad story, buying out the rights to some popular cable channels right under Corus' nose in 2024.

It forced the company to start its own similar networks and acquire new programming, which could not have been cheap. Another nail in the coffin.

Shorty Wave · September 18, 2026 7:21 am

RadioActive wrote:
Rogers and Warner Brothers played their part in this sad story, buying out the rights to some popular cable channels right under Corus' nose in 2024.

It forced the company to start its own similar networks and acquire new programming, which could not have been cheap. Another nail in the coffin.

And boy, did Rogers screw it up royally. After pouching these channels from Corus and Bell they realized that they had not arrange carriage, from Bell and Telus etc., so they essentially took HGTV, Food Network etc. off the air. It took a while to sort it out and to add insult to injury, Rogers was publicly “slamming” Home & Flavour, the replacement channels from Corus, so low.

It is pretty obvious that Rogers Media doesn’t have a clue how to build a TV brand, sports aside, just look at how they’ve handled Citytv, so they have to resort to stealing channels that Corus spent a lot of time and money on making household brands. The CRTC should not have allowed this based on how lowlife it was.

On the upside, allegedly the pouched channels have not produced the ROI Rogers forecasted, as they were meant to enhance the Citytv+ package and that hasn’t happened. As a result, the person behind these slimy acquisitions, Colette Watson, “retired”, and with little notice apparently.

Rogers really showed their ugly side by essentially attacking Bell & Corus, and pretty much screwed it up. They truly are a shit company, not only to their competition, but also their staff, speaking from experience.

Last edited by Shorty Wave (September 18, 2026 8:57 am)

paterson1 · September 18, 2026 8:22 am

I hope Global survives. Overall it isn't a bad network and I have grown to like their national and Toronto newscasts. It will be interesting to see what groups buy up the radio stations and which one's will shut down.

Scarboroughbluffsradiof99 · September 18, 2026 8:41 am

I think Newco is bying everything from what I can understand.
Are they going to have a name change from corus to something els?

RadioAaron · September 18, 2026 9:37 am

Scarboroughbluffsradiof99 wrote:
Are they going to have a name change from corus to something els?

Crazy Carswell's Media Liquidation Dealapalooza.

Aytononline · September 18, 2026 9:39 am

After all the paperwork and regulations are met it will be interesting to see what direction the new owners take the company. My hope would be that they find a way to increase the stock value. My bigger wish is that they return local programing originating from the local city's the tv station is licensed from. But I won't hold my breath on this one.

If they go down the road of selling. The FM stations sold off city by city would give us lots to talk about here.
I don't much interest in AM

As for the TV stations, because any startups are focused on streaming, I am not sure how much value or interest there would be. But surprises happen every day.

RadioActive · September 18, 2026 9:47 am

It's a minor concern given everythng else that's at stake, but will they still be calling it Corus Quay? Or is that going to be up for sale, too?

RadioAaron · September 18, 2026 9:53 am

RadioActive wrote:
It's a minor concern given everythng else that's at stake, but will they still be calling it Corus Quay? Or is that going to be up for sale, too?

George Brown College bought it a couple years ago.

Media Nerd · September 18, 2026 1:15 pm

Interested to see the upcoming Corus Q4 results. Will the results change the new owners approach? Assume they already know the numbers.

We know revenue was significantly down in Q3 and I expect their Q4 to be similar. Maybe they cut enough people to make profitable, but it’s not growing in revenue.

RadioActive · September 18, 2026 3:51 pm

Corus must 'take some risks' after recapitalization approval grants lifeline: expert

RadioAaron · September 18, 2026 6:16 pm

RadioActive wrote:
Corus must 'take some risks' after recapitalization approval grants lifeline: expert

“ But with the lifeline, Corus must avoid “simply repeating what has got them into trouble in the past,” said Jeffrey Dvorkin, former director of the University of Toronto’s journalism program.

He said much of the television and radio broadcaster’s content didn’t stand out as unique to audiences and advertisers.

“The challenge is to have a management culture that is prepared to take some risks,” said Dvorkin, adding there had been hesitancy at Corus to produce content “that is a little bit off the beaten track.”

So you can be director of a journalism program at a major university and have no clue how the media business works? Cool

Dparker · September 21, 2026 3:37 pm

you are kidding right

RadioAaron wrote:
I would add, those who have been left running Corus have done a really great job under the circumstances.They focused on Global News, STACKtv, and Pluto, where there's actual potential growth.

On the radio side, their stations in Toronto and Vancouver, which generate good revenue, have been spared the huge cuts that have inflicted other markets. So many of their stations elsewhere have either just one or no local announcer per station. That's terrible, but necessary.

Shorty Wave · September 22, 2026 8:04 am

Dparker wrote:
you are kidding right
RadioAaron wrote:
I would add, those who have been left running Corus have done a really great job under the circumstances.They focused on Global News, STACKtv, and Pluto, where there's actual potential growth.

On the radio side, their stations in Toronto and Vancouver, which generate good revenue, have been spared the huge cuts that have inflicted other markets. So many of their stations elsewhere have either just one or no local announcer per station. That's terrible, but necessary.

I agree with RadioAaron, those who are still keeping Corus alive have done a great job, all things considered, and the fact that Global News is still a decent newscast, better than CTV’s these days IMO, says a lot. Also, coming up with alternatives for the channels that slimy Rogers pouched was pretty impressive, basically starting from scratch with limited time to launch, add staff cuts to that and things get tricky.

Media Nerd · September 22, 2026 8:26 am

Those that are currently keeping the lights on are also responsible for burying itself under roughly $1 billion of debt.

They watched television and radio audiences and revenue deteriorate to digital and streaming. Too late to make any real adjustments. Pluto got rid of them and went elsewhere to sell. Stack doesn’t have enough scale.
They spent staggering amounts servicing debt rather than investing in growth. Eliminated hundreds of employees.

The needed a recapitalization merely to keep going, not some brilliant strategic move.

I do like Global News though.

paterson1 · September 22, 2026 9:23 am

Media Nerd wrote:
Those that are currently keeping the lights on are also responsible for burying itself under roughly $1 billion of debt.

They watched television and radio audiences and revenue deteriorate to digital and streaming. Too late to make any real adjustments. Pluto got rid of them and went elsewhere to sell. Stack doesn’t have enough scale.
They spent staggering amounts servicing debt rather than investing in growth. Eliminated hundreds of employees.

The needed a recapitalization merely to keep going, not some brilliant strategic move.

I do like Global News though.

Wasn't the real problem that parent company Shaw Cable unloaded debt to Corus when they were purchased by Rogers? In terms of servicing the debt, I don't see that they had much choice. I think they invested in growth when possible, but the $1 billion plus debt was coming due and not going away.