Wednesday, June 29 2022

TORONTO, January 13, 2022 /PRNewswire/ – Corus Entertainment Inc. (“Corus” or the “Company”) (TSX: CJR.B) announced today that the Toronto Stock Exchange (the “TSX”) has accepted the notice filed by the Company to launch an issuer bid in normal course of business (“OPRCN”) for a period of one year.

At December 21, 2021, the Company announced its intention to seek the approval of the TSX to launch an issuer bid for a period of one year. OPNA starts on January 17, 2022 and will end on January 16, 2023, or at an earlier date on which the Company may complete its purchases pursuant to a notice of intention filed with the TSX. Pursuant to the issuer bid, the Company is authorized to purchase up to 9,669,705 of its Class B Non-Voting Shares (out of the 204,954,666 Class B Non-Voting Shares outstanding at January 3, 2022) representing around 5% of the public float at January 3, 2022, through normal course purchases made through the facilities of the TSX and/or other Canadian trading systems. Daily redemptions will be limited to a maximum of 231,935 Class B Non-Voting Shares, representing 25% of the average daily trading volume for the six months ended December 31, 2021 (i.e. 927,743 Class B Non-Voting Shares), except when purchases are made pursuant to the “Bulk Purchase Exception” of the TSX Rules. All shares purchased by the Company under the public buyback offer will be cancelled.

In deciding to establish the issuer bid, the Company believes that the market price of the Class B Non-Voting Shares may, from time to time, not fully reflect their value and, therefore, , the purchase of the Class B Non-Voting Shares would be in the best interests of the Company and an attractive and appropriate use of available funds.

Purchases will be made by the Company in accordance with the requirements of the TSX and the price the Company will pay for such Class B Non-Voting Shares will be the market price of such Class B Non-Voting Shares at the time of the acquisition, or any other price authorized by the TSX.

In connection with the issuer bid, the Company will enter into an automatic repurchase program with its designated broker to permit the purchase of its Class B Non-Voting Shares during certain predetermined blackout periods, subject to certain parameters as to price and number of shares. Outside of these pre-determined blackout periods, shares will be redeemed at management’s discretion, subject to applicable law. The plan has been pre-approved by the TSX and will expire on January 16, 2023.

Pursuant to a previous notice of intention to make a normal course issuer bid, the Company has sought and received approval from the TSX to purchase up to 9,673,416 Class B shares without vote for the period beginning on November 26, 2020 at November 25, 2021. The Company has not redeemed or canceled any Class B Non-Voting Shares under this prior offering.

Although the Company currently intends to acquire its Class B Non-Voting Shares pursuant to the issuer bid, the Company will not be obligated to make any purchases and the purchases may be suspended by Company at any time.

Caution Regarding Forward-Looking Information

This press release contains forward-looking information and should be read subject to the following caveats:

To the extent that statements made in this press release contain information that is not historical, such statements are forward-looking statements and may be “forward-looking information” within the meaning of applicable securities laws (collectively, “forward-looking information”). “). This forward-looking information relates to, among other things, statements related to the issuer bid and future purchases of Class B Non-Voting Shares pursuant to the issuer bid, and can generally be identified by the use of words such as “believe”, “anticipate”, “expect”, “intend”, “plan”, “will”, “may” and similar expressions. In addition, any statement referring to expectations, projections or other characterizations of future events or circumstances may be considered forward-looking information. Although Corus believes that the expectations reflected in such forward-looking information are reasonable, such information involves assumptions, risks and uncertainties and undue reliance should not be placed on such statements. Certain important factors or assumptions are applied with respect to the forward-looking information, including, without limitation, factors and assumptions regarding general market conditions and general industry outlook, including the potential impact of new competition and industry mergers and acquisitions, interest rates, stability of the advertising, distribution, commodity and subscription markets, operating and capital costs and rates, taxes and costs, the Company’s ability to source desirable content and capital and the Company’s results of operations in line with its expectations. Actual results may differ materially from those expressed or implied by this information. Important factors that could cause actual results to differ materially from those expectations include, among others: the Company’s ability to attract and retain advertising revenue; public acceptance of the Company’s television programs and cable networks; the Company’s ability to recover production costs, the availability of tax credits and the existence of co-production treaties; the Company’s ability to be competitive in any of the industries in which it operates; the opportunities (or lack thereof) that may be presented and pursued by the Company; conditions in the entertainment, information and communications industries and technological developments occurring therein; changes in laws or regulations or the interpretation or application of such laws and regulations; the Company’s ability to integrate and realize the anticipated benefits of its acquisitions and to effectively manage its growth; the Company’s ability to successfully defend itself against litigation arising in the ordinary course of business; breach of covenants under the Company’s senior credit facility or senior unsecured notes; epidemics, pandemics or other public health crises, including the current outbreak of COVID-19 and changes in accounting standards. Additional information about these factors and the material assumptions underlying any forward-looking information can be found under the heading “Risks and Uncertainties” in the Management’s Discussion and Analysis for the year ended. August 31, 2021 and under the heading “Risk Factors” in the Company’s Annual Information Form. Corus cautions that the foregoing list of important factors and assumptions that could affect future results is not exhaustive. When relying on the Company’s forward-looking information to make decisions about Corus, investors and others should carefully consider the foregoing factors as well as other uncertainties and potential events. Unless otherwise stated, all forward-looking information contained herein speaks as of the date of this document. Except as otherwise required by applicable securities laws, Corus disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, events or circumstances occurring after the date thereof. or otherwise.

About Corus Entertainment Inc.

Corus Entertainment Inc. (TSX: CJR.B) is a leading media and content company that develops and delivers premium brands and content to platforms for audiences around the world. Engaging audiences since 1999, the company’s portfolio of multimedia offerings includes 33 specialty television services, 39 radio stations, 15 conventional television stations, a suite of digital and streaming assets, animation software , technologies and multimedia services. Corus is an internationally recognized creator and distributor of content through Nelvana, a world-class animation studio expert in all formats, and Corus Studios, a globally recognized producer of best-selling scripted and unscripted content. The company also owns innovative full-service social digital agency so.da, lifestyle entertainment company Kin Canada, leading 2D animation software provider Toon Boom and children’s book publisher, Kids Can Press. Corus’ list of premium brands includes Global Television, W Network, HGTV Canada, Food Network Canada, HISTORY®, Showcase, Adult Swim, National Geographic, Disney Channel Canada, YTV, Global News, Globalnews.ca, Q107, Country 105 and CFOX, as well as the widely distributed Canadian broadcast platforms STACKTV, Nick+, the Global TV app and Curiouscast. For more information, visit www.corusent.com.

SOURCECorus Entertainment Inc.

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