National Post- Global News parent company Corus explores potential sale
Corus shares have tumbled into penny-stock territory on growing concerns about a tough advertising market and the company’s debt load. They’ve lost more than 80% of their value this year, making Corus’ stock market capitalization around C$23 million. As recently as 2022, it was more than C$1 billion.
The company has more than C$1 billion in debt, including C$500 million in bonds maturing in 2028 and another C$250 million in notes due in 2030.
Faster please.
I guess the constant lying finally caught up to them. Should be few others on the block as well.
I’m sure Turdface will be glad to underwrite another fluff girl media outlet :)..
Corus’ / CHQR decision to dismiss Dave Rutherford and Peter Warren then swinging to a milque toast format has cost them dearly. And deservedly so.
Something very similar happened in 1999 with KFI Los Angeles, a very eclectic AM talk radio station. Clear Channel took it over from Cox and fired all talk show hosts the very next day with no notice. All in a relentless pursuit of a new format. A sad day.
perhaps attempting to repeat the popularity of wkrp Cincinnati
Some US private equity firm will buy the assets and then scavage the Corus carcass.
It’s over. Corus is at 12 cents/share. Its fiscal losses alone in the third quarter of this year was 12 cents/share. It has a net $1.05 billion in debt, much of which it cannot service. Quebecor offered to buy Corus out but required that its creditors write off 60% of its debt.
Corus is finished. The only assets it has are its bandwidth allocations from CRTC and whatever property it has which it actually owns. I would be very surprised if Corus survives this calendar year.
No, Turdhole can’t revive this one as well. Right now, the feds are on the hook to put more than $1 billion per year into CBC simply to keep the Ceeb’s lights on. It will never find another $1 billion to refloat Global. Simply relieving it of debt does not solve the problem of Global’s vanishing audience and advertising.
The government doesn’t have to find another $1billion, they can just make it up.
Note to self: Start boiler room operation. Pump and dump this penny stock.
Re- “It will never find another $1 billion to refloat Global.”. I am amazed at how easily the current federal government can write cheques. Fiscal responsibility is an unknown concept to them. I don’t think they will in this case but never say never.
Even though Global TV has called for the elimination of the industry I work in and the fiscal knee-capping of my adopted province, I do not take any pleasure in the loss of their livelihood. Their road to recovery is going to be a tough one.
“Haha!”
Time to resturcture and change the format to all news with no political bias.
I’d watch the hell out of that.
Just facts or failing that, present both sides of a story instead of the typical left wing rantings.
Of course, they’d instantly be labelled “Fox North” for not repeating verbatim every word dear leader barfs out.
Geoff H
I can’t imagine why anyone would watch Global. I used to watch the news channel a lot until I concluded that it was mostly communist horse shit. I used to listen to talk radio on CHED in Edmonton until they gave up all their conservative hosts for limp wristed communists. Instead of grabbing the conservative half of the broadcast market for themselves they chose to fight it out with the other three panty waist networks on the left. It seems they value propaganda more than they value money.
Conrad Black should offer them $1.
He might be able to save it, but the CRTC would only allow it to be sold to good communists anyhow, so not going to happen…
I don’t have TV in my home so Global is not even on my radar. I do have a radio in my truck and on occasion when I am completely bored I tune into CHED. Well at least I used to tune into CHED. I gave that up when the morning talk guy calmly dismissed the concerns of many Albertans with a flippant ‘Well it has been debunked’.
last time I listen to the drivel called chqr, Daniel Smith was still a host
Trudeau has the Government buy Global, rename it CBC2.
Because he wants to
keep his bootlickers on boardavoid foreign interference.I guess entertaining/distracting the institutionalized – what network TV and “commercial” radio’s main purpose is in 2024 – is not a viable business model.