...- Toronto-based, diversified integrated media and content company Corus Entertainment Inc. announced on June 7, 2024, that some of its programming and trademark output arrangements with Warner Bros. Discovery Inc. will not be renewed on their expiry on Dec. 31, 2024. - Corus has been facing secular headwinds in the linear TV space and increased competition among digital advertisers. - The combination of a loss of high-value branded specialty channels and challenging secular headwinds could meaningfully affect Corus' revenues and EBITDA for fiscal 2025 and delay the company's deleveraging plans. We now expect Corus will exit fiscal 2025 with leverage above 5x. - Therefore, S&P Global Ratings lowered its issuer credit rating on the company two notches to 'B-' from 'B+'. At the same time, we lowered our issue-level ratings on the company's senior secured term loan to 'B+' from '##'; the '1 recovery rating is unchanged. We also lowered our issue-level rating on Corus' unsecured debt to 'B-'...
