Corus Entertainment Announces Amendment Of Credit Facility

Corus Entertainment Inc. (TSX: CJR.B) ("Corus" or the "Company") announced today that it has completed an agreement to amend (the "Amendment") its Sixth Amended and Restated Credit Agreement with its bank group, led by RBC Capital Markets and TD Securities, as co-leads, dated March 18, 2022, as last amended on May 30, 2024 (the "Credit Facility"). Pursuant to the Amendment, among other things, the maximum Total Debt to Cash Flow Ratio required under the financial covenants has been increased to 4.75 through to and including October 15, 2024, with ability for the Company to request Advances under the Revolving Facility to a certain limit. There are also requirements to use any Excess Cash to repay outstanding balances on the Revolving Facility and certain terms related to the use of proceeds on asset disposals, the ability to incur certain indebtedness, the ability to designate certain subsidiaries and certain reporting requirements, have also been amended. All terms are as defined in the Credit Facility and amendments thereto.

"Entering into this amendment is a prudent step as part of a more comprehensive plan we are working through to strengthen our balance sheet and manage liabilities," said John Gossling, Co-Chief Executive Officer and Chief Financial Officer. "Corus is a critical independent player in the Canadian broadcast industry with a portfolio of valuable assets. We continue to take the necessary steps to create and deliver premium content, and engage audiences across Canada."

A copy of the Amendment to the Credit Facility will be filed under the Company's profile on SEDAR+ at www.sedarplus.ca.

Caution Concerning Forward-Looking Information
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 press release 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 information"). This forward-looking information may relate to, among other things, the Company's objectives, goals, strategies, targets, intentions, plans, estimates and outlook, including but not limited to anticipated actions regarding or impacts to the Company's liquidity, leverage target, ability to repay debt and/or renegotiate existing debt terms; the Company's strategic plan; anticipated revenue trends; the Company's dividend policy and the payment of future dividends; the Company's ability to manage retention and reputation risks; and expectations regarding financial performance, including capital allocation, liability management and capital structure strategy and management, operating costs and tariffs, taxes and fees; and can generally be identified by the use of words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" or the negatives of these terms and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances may be considered forward-looking information.