The ratings on Toronto-based Corus Entertainment Inc. reflect what Standard&Poor's Ratings Services views as the company's significant financial risk profile and challenging industry fundamentals, including the cyclical nature of the media industry, particularly for advertising and content, and competitive operating environment. These factors are partially offset, in our opinion, by the strong market position of Corus' core specialty television and radio businesses and by the revenue diversity these assets provide. The rating also reflects positive advertising growth dynamics for the specialty television industry and the favorable Canadian broadcasting regulatory regime, which limits competition. Corus' business comprises two operating divisions: Television (69% of total revenue for the six months ended Feb. 28, 2010): The company is a leading specialty
