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Some analysts are now saying Global’s owner is headed for bankruptcy 鈥 can Corus be saved?

Corus could avoid creditor protection and there are opportunities for recovery. But it owes more than $1 billion and may have to restructure to survive, experts say.聽

Updated
5 min read
biz-corus-global_web

At its height, Global Television was a Canadian powerhouse, watched by more than 17 million people weekly, but today experts say it needs to take drastic action if the show is to go on. After a series of financial blows, high profile layoffs, lost licensing rights and executive departures,聽analysts interviewed by the Star say the network鈥檚 owner will need to dramatically overhaul the company聽鈥 or be allowed to refinance its debt聽鈥 to stave off bankruptcy.聽


At its height, Global Television was a Canadian powerhouse, watched by more than 17 million people weekly, but today experts say it needs to take drastic action if the show is to go on. After a series of financial blows, high profile layoffs, lost licensing rights and executive departures,聽analysts interviewed by the Star say the network鈥檚 owner will need to dramatically overhaul the company聽鈥 or be allowed to refinance its debt聽鈥 to stave off bankruptcy.聽

B次元官网网址-based Corus Entertainment is Canada鈥檚 largest independent media company, owner of Global Television Network, more than 30 local radio stations and the Canadian distributor of channels such as Food Network,聽Disney Channel and National Geographic. It has amassed a staggering debt of more than $1 billion, with about $300 million due for repayment within three years and no obvious way to raise the money while keeping the company intact.

ARTICLE CONTINUES BELOW
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Troy Reeb, co-CEO of Corus Entertainment.聽In June, long-time CEO聽Doug Murphy abruptly left the company, replaced by Reeb and John Gossling.聽

Global_1.JPG

Global anchors Alan Carter and Farah Nasser have left.

Ana Pereira

Ana Pereira is a business reporter for the Star, based in B次元官网网址. Reach her via email: anpereira@thestar.ca

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