Published on 19 Jun 2024 on Yahoo Finance Canada
Corus Entertainment stock plunges over 20% to new 52-week low
The Corus logo inside Corus Quay in Toronto is photographed on Friday, June 22, 2018. Corus Entertainment Inc. is cutting its quarterly dividend.THE CANADIAN PRESS/Tijana Martin (The Canadian Press)
Corus Entertainment (CJR-B.TO) shares sank to a new 52-week low on Tuesday as analysts predict the loss of content from Warner Brothers Discovery could cost the Canadian media company over $150 million in lost revenue next year.
Last week, Toronto-based Corus announced that some of its programming and trademark arrangements with Warner Brothers Discovery will not be renewed in 2025. The change will mainly impact five of the company’s channels, including HGTV Canada, Food Network Canada, Magnolia Network, Oprah Winfrey Network, and Cooking Channel Canada. Corus channels Adult Swim, Cartoon Network, and Boomerang also broadcast content from Warner Brothers Discovery.