here is the link to the financial results.  Not pretty.

https://www.newswire.ca/news-releases/corus-entertainment-announces-fiscal-2024-third-quarter-results-863374477.html

The Canadian Press article on this story indicates there are yet more job cuts coming "by the end of next month." I feel sorry for those who work there. Or perhaps that should be those who used to. 

Corus Entertainment job cuts will amount to 25% of full-time positions

I would hope their stations in the largest market in Canada would be the last to go, but it depends on just how desperate they are. I, for one, would prefer a sale of a 640 to outright closure. The right new owner might be able to salvage something from the affected stations.

Either way, another dark day in Canadian broadcast history. There have been way too many of them of late. 

"radio revenue slipped 9.9 per cent to $23.6 million versus $26.2 million a year earlier."

One bright spot:

"Global News, which shed 35 unionized positions in June, remains a “growth engine” for Corus, especially when it comes to national versus local news, the company said.

Global’s revenue increased by 3.5 per cent, while its total audience grew by two per cent across mainstream TV and digital year-to-date.

“While much has been made of the challenges facing journalism worldwide, I’m pleased to say Global News has bucked the trend,” said Troy Reeb, co-CEO of Corus. "

Hansa wrote:

"The AM stations they mentioned in Vancouver and Edmonton are closing."

Does this refer to the previously announced imminent closures of CHQT and CKGO or are CHED and CKNW closing now as well?

Just the ones already announced  (CHQT and CKGO)

MJ Vancouver wrote:

I do wonder what will happen with some of those smaller TV operations - Lethbridge being another one.

Would a player that specializes in smaller markets be interested in stations like that? I’m thinking of Pattison Media specifically, which already operates three small-market stations in BC and Alberta (Kamloops, Prince George and Medicine Hat), all of which are supplied national programming from Rogers.

A new owner would need to make some massive investments into those stations. Global Lethbridge for example has been reduced to a transmitter and a small newsroom (news gathering) inside a typical office building. Everything else (managers, engineers, sales, promotions, news production etc) is done out of Global Calgary.

Global Kingston/CKWS, IIRC, still has some departments outside of news gathering and production, not sure how much Global Peterborough/CHEX has been reduced.

Last edited by ED1 (July 15, 2024 5:31 pm)

cash wrote:

Those revenues numbers are going in the wrong direction and they will never rebound. When I went to business school many years a go this was called a sunset industry.

Hard to disagree. On the rare occasion that Mr. & Mrs. Twister watch regular TV, we're astonished at the commercial load. Great for snacks, bathroom breaks and a jog around the block.

Further, I am waaaay past being tied to broadcast schedules. One thing I know about humans; we prefer to be in control of our schedule.

Rogers may have scooped Corus and Bell offerings, but its simply a delaying tactic in, as you say, a sunset industry.

I feel for all those who have, or soon will, lose their position.

ED1 wrote:

MJ Vancouver wrote:

I do wonder what will happen with some of those smaller TV operations - Lethbridge being another one.

Would a player that specializes in smaller markets be interested in stations like that? I’m thinking of Pattison Media specifically, which already operates three small-market stations in BC and Alberta (Kamloops, Prince George and Medicine Hat), all of which are supplied national programming from Rogers.

A new owner would need to make some massive investments into those stations. Global Lethbridge for example has been reduced to a transmitter and a small newsroom (news gathering) inside a typical office building. Everything else (managers, engineers, sales, promotions, news production etc) is done out of Global Calgary.

Global Kingston/CKWS, IIRC, still has some departments outside of news gathering and production, not sure how much Global Peterborough/CHEX has been reduced.

In Kingston and Peterborough, CORUS at least has the advantage of also having radio. stations, so people and other costs can be split. Good for revenue too.

So that makes the smaller Alberta stations a good fit for Pattison, where they do have radio and CORUIS doesn't.

Having said that, it's possible that even with those efficiencies the numbers don't add up and the stations will be unsellable.
 

RadioAaron wrote:

ED1 wrote:

MJ Vancouver wrote:

I do wonder what will happen with some of those smaller TV operations - Lethbridge being another one.

Would a player that specializes in smaller markets be interested in stations like that? I’m thinking of Pattison Media specifically, which already operates three small-market stations in BC and Alberta (Kamloops, Prince George and Medicine Hat), all of which are supplied national programming from Rogers.

A new owner would need to make some massive investments into those stations. Global Lethbridge for example has been reduced to a transmitter and a small newsroom (news gathering) inside a typical office building. Everything else (managers, engineers, sales, promotions, news production etc) is done out of Global Calgary.

Global Kingston/CKWS, IIRC, still has some departments outside of news gathering and production, not sure how much Global Peterborough/CHEX has been reduced.

In Kingston and Peterborough, CORUS at least has the advantage of also having radio. stations, so people and other costs can be split. Good for revenue too.

So that makes the smaller Alberta stations a good fit for Pattison, where they do have radio and CORUIS doesn't.

Having said that, it's possible that even with those efficiencies the numbers don't add up and the stations will be unsellable.
 

In Peterborough, Corus has already realized those synergies: radio and TV are in one building now, TV staff do the radio newscasts, there are only a few local news stories covered on TV each day, there are only a few local live radio hosts left, the legacy Global Peterborough transmission and the CHEX-TV transmission are multiplexed on one antenna and the TV control I think is already centralized in Toronto with news studio still in Peterborough. So what does a further 25% staff cut mean there? Does legacy assets mean just closing it all down, along with Kingston too?
 

Last edited by DX (July 15, 2024 8:09 pm)

DX wrote:

RadioAaron wrote:

ED1 wrote:

A new owner would need to make some massive investments into those stations. Global Lethbridge for example has been reduced to a transmitter and a small newsroom (news gathering) inside a typical office building. Everything else (managers, engineers, sales, promotions, news production etc) is done out of Global Calgary.

Global Kingston/CKWS, IIRC, still has some departments outside of news gathering and production, not sure how much Global Peterborough/CHEX has been reduced.

In Kingston and Peterborough, CORUS at least has the advantage of also having radio. stations, so people and other costs can be split. Good for revenue too.

So that makes the smaller Alberta stations a good fit for Pattison, where they do have radio and CORUIS doesn't.

Having said that, it's possible that even with those efficiencies the numbers don't add up and the stations will be unsellable.
 

In Peterborough, Corus has already realized those synergies: radio and TV are in one building now, TV staff do the radio newscasts, there are only a few local news stories covered on TV each day, there are only a few local live radio hosts left, the legacy Global Peterborough transmission and the CHEX-TV transmission are multiplexed on one antenna and the TV control I think is already centralized in Toronto with news studio still in Peterborough. So what does a further 25% staff cut mean there? Does legacy assets mean just closing it all down, along with Kingston too?
 

Oh, for sure. I realize they've already maximized those efficiencies; just speculating that those two clusters might actually be in OK shape as a result.

They didn't explicitly say it, but "legacy assets" almost certainly means the entire radio division, which they barely mentioned today.

Last edited by RadioAaron (July 15, 2024 8:18 pm)

RadioAaron wrote:

Bob and Tom peaked 20 years ago and one of them's not even on the show anymore. It would get slaughtered on Q.

Sorry, I couldn't think of anyone new or current.