TORONTO, July 15 /PRNewswire-FirstCall/ - Corus
Entertainment Inc. (TSX: CJR.B; NYSE: CJR) announced today its
intention to voluntarily delist its Class B Non-Voting Shares
("Class B Shares") from the New York Stock Exchange ("NYSE"). The
Company will continue to list and trade its Class B Shares on the
Toronto Stock Exchange ("TSX").
The NYSE accounts for approximately 9% of Corus' global trading
volume and, as such, the Company believes its shareholders are
provided with sufficient liquidity through the TSX listing.
"We believe that the costs associated with maintaining our NYSE
listing outweigh the benefits for the Company and our
shareholders," said John Cassaday,
President and CEO, Corus
Entertainment. "The voluntary delisting from the NYSE will
have no impact on Corus' commitment to maintaining high standards
of corporate governance and transparency in financial
reporting."
Corus provided written notice today to the NYSE that it intends
to delist its Class B Shares. The Company intends to file a Form 25
with the U.S. Securities and Exchange Commission ("SEC") on or
about July 26, 2010 to effect the
delisting. Accordingly, the Company further anticipates that its
Class B Shares will be delisted from the NYSE on or about
August 5, 2010. Once the delisting is
effective, the Company will continue to meet its reporting
obligations with the SEC until such time it can terminate
registration of its Class B Shares with the SEC, as permitted under
SEC rules.
Corus has not arranged for quotation of the Class B Shares on
another U.S. national exchange or in a quotation medium in
the United States.
Corus Entertainment Inc. reports in Canadian dollars.
About Corus Entertainment Inc.
Corus Entertainment Inc. is a Canadian-based media and
entertainment company. Corus is a market leader in specialty
television and radio with additional assets in pay television,
television broadcasting, children's book publishing and children's
animation. The company's multimedia entertainment brands include
YTV, Treehouse, Nickelodeon (Canada), W Network, CosmoTV, VIVA,
Sundance Channel (Canada), Movie Central, HBO Canada, Nelvana,
Kids Can Press and radio stations including CKNW, CFOX, CKOI, 98,5
FM, Q107 and 102.1 the Edge. Corus creates engaging branded
entertainment experiences for its audiences across multiple
platforms. A publicly traded company, Corus is listed on the
Toronto (CJR.B) and New York (CJR) exchanges. Experience Corus on
the web at www.corusent.com.
This press release contains forward-looking information and
should be read subject to the following cautionary language:
To the extent any statements made in this report contain
information that is not historical, these statements are
forward-looking statements and may be forward-looking information
within the meaning of applicable securities laws (collectively,
"forward-looking statements"). These forward-looking statements
related to, among other things, our objectives, goals, strategies,
intentions, plans, estimates and outlook, including advertising,
program, merchandise and subscription revenues, operating costs and
tariffs, taxes and fees, and can generally be identified by the use
of the words such as "believe", "anticipate", "expect", "intend",
"plan", "will", "may" and other similar expressions. In addition,
any statements that refer to expectations, projections or other
characterizations of future events or circumstances are
forward-looking statements. Although Corus believes that the
expectations reflected in such forward-looking statements are
reasonable, such statements involve risks and uncertainties and
undue reliance should not be placed on such statements. Certain
material factors or assumptions are applied in making
forward-looking statements, including without limitation factors
and assumptions regarding advertising, program, merchandise and
subscription revenues, operating costs and tariffs, taxes and fees
and actual results may differ materially from those expressed or
implied in such statements. Important factors that could cause
actual results to differ materially from these expectations
include, among other things: our ability to attract and retain
advertising revenues; audience acceptance of our television
programs and cable networks; our ability to recoup production
costs, the availability of tax credits and the existence of
co-production treaties; our ability to compete in any of the
industries in which we do business; the opportunities (or lack
thereof) that may be presented to and pursued by us; conditions in
the entertainment, information and communications industries and
technological developments therein; changes in laws or regulations
or the interpretation or application of those laws and regulations;
our ability to integrate and realize anticipated benefits from our
acquisitions and to effectively manage our growth; our ability to
successfully defend ourselves against litigation matters arising
out of the ordinary course of business; and changes in accounting
standards. Additional information about these factors and about the
material assumptions underlying such forward-looking statements may
be found in our Annual Information Form. Corus cautions that the
foregoing list of important factors that may affect future results
is not exhaustive. When relying on our forward-looking statements
to make decisions with respect to Corus, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events. Unless otherwise required by
applicable securities laws, we disclaim any intention or obligation
to publicly update or revise any forward-looking statements whether
as a result of new information, events or circumstances that arise
after the date thereof or otherwise.
SOURCE Corus Entertainment Inc.