Perennial money-maker Corus hit with $935 million Q1 loss

Strong competition among radio stations and alternates to conventional TV are said to be a major reasons behind a stunning loss of some $4.49 a share at Corus Entertainment Inc. The first quarter (ending May 31) loss sent Corus reeling on the TSX. The stock was down 11 per cent early Wednesday after the company announced a $935.9 million loss tied mostly to a devaluation of its broadcast licences.
The firm, which owns Global Television among many other TV franchises, also slashed its dividend to accelerate debt reduction. Analysts on average had expected a profit of 36 cents a share. Corus has a large presence in Canadian broadcasting apart from Global. It owns 39 radio stations and a portfolio of 45 specialty television services.
Corus is especially prominent within the children’s television market, through its ownership of the domestic YTV, Treehouse TV and Teletoon/Télétoon networks, the animation studio Nelvana and book publisher Kids Can Press, and localized versions of the Cartoon Network, Disney Channel, Disney Junior, Disney XD, and Nickelodeon brands. Corus Entertainment’s voting majority is held by the company’s founder J R Shaw and his family and a 40% stake of Corus stock is owned by Shaw Communications.

 

Postmedia to shutter 6 community newspapers, halting print editions at 3 others

Postmedia says it is closing down six community newspapers in Ontario and Alberta, and halting the print editions at three other papers in Manitoba and Ontario as it moves to cut costs.
The company said in a note to staff that the Graphic in Portage la Prairie, Man., the Northern News in Kirkland Lake, Ont., and the Pembroke Observer in Pembroke, Ont., will halt their print editions but keep a digital presence.
Meanwhile, the newspapers scheduled to close in the coming weeks include two in Alberta, the Camrose Canadian and the Strathmore Standard, along with four publications in Ontario, the Kapuskasing Northern Times, the Ingersoll Times, the Norwich Gazette and the Petrolia Topic.

Postmedia also said the High River Times in Alberta will shift from publishing twice per week to weekly.

The company said the changes are part of its plan to reduce salary expenses by 10 per cent by Aug. 31, the end of its fiscal year.
Some jobs have been identified for elimination, while voluntary buyouts will also be offered to all unionized employees, and to all editorial staff, both unionized and non-unionized. (CP)
MORE

Global News poaches Mercedes Stephenson from CTV

Global News has announced the appointment of Mercedes Stephenson as the network’s new Ottawa Bureau Chief as well as the permanent host of Global News’ flagship political affairs program, The West Block.
Stephenson spent the past seven years at CTV News and CTV News Channel. She was born and raised in Calgary.

Irene Gentle named Editor of the Toronto Star

Irene Gentle has been named Editor of the Toronto Star, the first woman to hold this position in the publication’s 126-year history.
Gentle, 48, joined the Star in 2011 as business editor and had been managing editor since June 8, 2016. She has also been assistant managing editor and city editor at the Star.
Full Star story

CBC cancels On the Money business show, cites lack of funds

The Globe and Mail's Simon Houpt writes that the CBC is cancelling its afternoon business show, On the Money, because of a lack of money, after staff at the public broadcaster were told a shortfall had left it unable to produce all of its current programming while also continuing its digital transformation.

The cancellation marks the first time CBC’s cable news channel will be without regularly scheduled business news coverage since News Network launched as Newsworld in 1989.

The show, hosted by Peter Armstrong, had rebranded from The Exchange to On the Money only last fall. Its final broadcast will be Thursday, June 28.

Full Globe and Mail story

Toronto’s JAZZ.FM91 sees an exodus of regular on-air voices

The Globe and Mail's Simon Houpt writes:

"Toronto radio station JAZZ.FM91 cut four hosts this week, including two high-profile personalities who were on air every weekday, and has made changes to its board structure as the not-for-profit, listener-supported station grapples with the public relations fallout of an investigation into its workplace culture.

"Jaymz Bee, a 16-year station veteran, and Mark Wigmore, the new morning host and senior arts editor responsible for the station’s arts coverage, were let go along with the weekend hosts Walter Venafro and David Basskin.

"The departures follow the exits of Garvia Bailey, a former morning show host whose disappearance from the air in April prompted questions from listeners, and Dani Elwell, who left last year. The station has not told listeners the reasons for the women’s departures."

Full story

Rogers lays off one-third of its digital and publishing employees

The Globe and Mail's Tim Shufelt writes that Rogers Media is reducing its digital and publishing staff by one-third, citing pressures on the print industry and the loss of advertising revenues as cause for another round of deep cuts.

The division of Rogers Communications Inc. that publishes titles such as Maclean’s, Chatelaine, Today’s Parent and Hello! Canada, told its staff on Thursday that 75 full-time employees have been laid off.

“The publishing industry continues to face challenges, as print declines outpace digital growth,” Andrea Goldstein, senior director of communications for Rogers Media, said in a statement.
Full story

Shaw trying to sell its stake in Corus Entertainment to focus on Freedom Mobile expansion: Globe and Mail

The Globe and Mail reports that Shaw Communications Inc. is attempting to sell its stake in broadcaster Corus Entertainment Inc. as part of a strategy to build a war chest for expansion of its Freedom Mobile wireless network.

Shaw recently hired investment bank TD Securities Inc. to find a buyer for its 38-per-cent stake in television and radio station owner Corus, according to sources familiar with the Shaw’s plans. These sources say Shaw is shopping its Corus stake, currently worth approximately $540-million, to a list of dozens of potential buyers, with a focus on private equity funds and other deep-pocketed investors that don’t currently own a national media business in Canada.

Toronto-based Corus owns a stable of 44 specialty television channels, including the Food Network and HGTV, and 15 conventional TV stations, including the national Global TV network, along with 39 radio stations. Sources say Shaw and Corus would listen to offers for individual business lines and that Shaw would also be content to continue as a major shareholder in Corus if no buyers emerge.

Full story

Photographer David Douglas Duncan‘ dies at 102

David Douglas Duncan, who died June 7 at 102, was widely considered one of the finest photojournalists of the 20th century. In Life magazine photo essays, television specials and about two dozen books, he captured the seemingly incongruous subjects of war and art, traveling from the front lines of battle to the treasure troves of the Kremlin in Moscow and the French studio of Pablo Picasso. (excerpt from obit)
Washington Post obit

Celebrity chef, author Anthony Bourdain dead at 61

Parts Unknown host died while on location in France, CNN reports
The cause of death was suicide, the network said in a statement. He was found dead in a hotel room in Strasbourg, France, where he had been working on an upcoming episode of his program, the network said.
Bourdain's popular show Parts Unknown airs on the network. The New York native previously hosted shows and documentaries on The Food Network and Travel Channel.

Toronto’s JAZZ.FM91 CEO steps down in wake of probe into sexual-harassment allegations

Long-time broadcaster Ross Porter has stepped down from his position as president and CEO of Toronto’s JAZZ.FM91 radio station following allegations of sexual harassment by more than a dozen current and former employees, the Globe and Mail reports.

The development came following a third-party workplace investigation triggered by a letter from more than a dozen current and former employees that alleged he had sexually harassed staff and created a toxic workplace.

Charles Cutts, the former president and chief executive officer of the Corporation of Massey Hall and Roy Thomson Hall, has been appointed interim CEO of the station. In a statement to The Globe and Mail, Porter denied that the changes were prompted by the investigation.

The investigation began last March after the group wrote to the board of directors to allege “ongoing workplace harassment, sexual harassment, bullying, and general mismanagement of the station” by Porter.

Full story

CTV has been given more time to file its defense in the Patrick Brown lawsuit against  the network.

Howard Winkler, one of Brown’s lawyers, said CTV News has been given until June 30 to file its statement of defencs, as a professional courtesy.

Although served with the lawsuit the week of April 23 with a 20-day time limit on filing its defense, CTV News filed a notice of intent to defer at the beginning of May.

Brown, the former Ontario Progressive Conservative leader and current Simcoe North MPP, filed the defamation lawsuit against CTV News over its reporting of what he called false accusations of sexual misconduct.

In his statement of claim,Brown says CTV and its reporters failed to properly scrutinize and verify the allegations, which date back to his time as a federal MP.

He further alleges the network gave him only hours to respond before broadcasting the story on Jan. 24.