Diversified revenue portfolio Leading market position of key assets Favorable broadcast regulatory environment that limits foreign ownership and competition Cyclical media industry fundamentals, with the health of economy driving advertising revenues and demand for the company's content Small positive free cash flow base, implying a potential volatility in key financial ratios Acquisitive growth strategy and aggressive financial policy Calgary, Alta.-based Corus is the largest Canadian radio operator, which owns or has interest in a number of specialty television networks, and, through Nelvana Ltd., is a producer of children's animated programming. The recent outlook revision to negative reflects a slower-than-expected expansion of Corus' cash flow base, due to both cyclical economic factors and structural decline in pricing for the company's programming,
