
Corus Entertainment cuts employee costs by 7% in Q3 as TV revenue struggles continue
The radio and television broadcaster said Thursday that job losses were part of its overall nine per cent reduction in general and administrative expenses during its third quarter, which totalled $10 million in cost savings.
It said it expects to lower general and administrative expenses by 10 to 15 per cent in its fourth quarter compared with the prior year.
'At a high level, the advertising environment remains very challenging, characterized by ongoing uncertainty in the economic environment, an oversupply of digital inventory from foreign competitors, and generally, lower advertising demand on linear television,' Corus chief executive John Gossling told analysts on the company's third-quarter earnings call.
The company said it anticipates TV advertising revenue to decline about 20 per cent year-over-year in the fourth quarter as 'geopolitical and economic uncertainty' linger.
Gossling, who assumed the solo CEO title earlier this month when co-CEO Troy Reeb stepped down, called Corus' revenue outlook 'quite stressed.'
'We are seeing advertising investment decisions being made increasingly closer to campaign launch or paused completely as companies await clarity, whether it be on potential supply chain disruptions or consumer confidence impacts on their business,' he said.
Gossling added some advertisers are also shifting their buys to platforms beyond traditional television.
'It's a pretty tough market generally out there,' he said.
'We haven't seen this kind of impact since COVID. So it's definitely hurting the economy more than it's appearing to.'
Corus reported a loss attributable to shareholders of $7.3 million in its third quarter as its revenue fell 10 per cent compared with a year ago. The loss amounted to four cents per diluted share for the quarter ended May 31.
The result compared with a loss of $769.9 million or $3.86 per diluted share in the same quarter last year when Corus took a $960-million non-cash charge.
Revenue totalled $297.8 million, down from $331.8 million a year ago. TV revenue amounted to $274.5 million, down from $308.2 million, while radio revenue was $23.3 million, down from $23.6 million.
Gossling pointed out some reasons for optimism, including an advertising revenue boost from the federal election last quarter, along with a recent CRTC decision that confirmed Corus' eligibility to receive funding from the Independent Local News Fund. However, the company is awaiting details on how much financial assistance it will be able to get.
Despite the challenging economic conditions that he described affecting the entire broadcasting industry, Gossling acknowledged Corus' especially dire situation. He said the company's challenge is figuring out, 'How do we get to a place where we're not underperforming the market?'
'We've learned over time that what we're seeing is basically ... our reliance on linear is definitely putting us in a tougher spot,' he said.
'We do have digital products, but they're also feeling the pressure. So yeah, I wouldn't necessarily imply that the entire advertising market is seeing the kind of pressure we're seeing, but we're absolutely feeling it.'
On an adjusted basis, Corus said it earned six cents per share in its latest quarter compared with an adjusted loss of 10 cents per share a year ago.
Analysts on average had expected a loss of five cents per share, according to LSEG Data & Analytics.
RBC analyst Drew McReynolds said results for the quarter were ahead of forecast mainly due to strong TV margins while the company's fourth-quarter outlook for TV advertising was lower than analyst projections.
'We view the better results but more challenged outlook as largely neutral to a modest positive for the shares at current levels,' he said in a note.
This report by The Canadian Press was first published June 26, 2025.
Companies in this story: (TSX:CJR.B)

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
14 minutes ago
- Yahoo
I led teams at Meta and Airbnb. My Big Tech career taught me an important lesson about dealing with chaos and crisis at work.
Judd Antin has held leadership roles at Meta and Airbnb, where he worked between 2012 and 2022. During that time, he led teams through rapid changes, such as layoffs. He learned one secret to effective leadership: authentic clarity. Over the course of my career in Big Tech, I've been lucky to work at several successful, fast-growing companies. At Meta and Airbnb, I helped scale research and design teams from 2012 to 2022, ultimately becoming Head of Design Studio at Airbnb. I loved building teams of talented people, but it wasn't all roses. Rapid changes and looming crises were constants, as they seem to be at most companies. For example, I was working at Airbnb when COVID-19 hit in 2020. The company lost 80% of its business in a matter of weeks, and by May, I was forced to lay off more than 25% of my team. Managing that crisis and recovery was one of the most difficult leadership crucibles of my career. The everyday chaos of a fast-paced company was just as educational, though, and one strategy for managing it rose above the rest. The secret to effective leadership in times of change — whether it's reorgs, strategy shifts, or layoffs — is to provide authentic clarity. Clarity allows people to move forward calmly, even if they don't have all the answers. In a chaotic environment, providing clarity takes frequent communication in an authentic voice. Clarity, not certainty Early in my leadership career, I mistakenly assumed that being a decisive leader in a crisis meant projecting certainty. My logic was that people need to be reassured their leader knows exactly what to do. I quickly realized that was a fantasy. I can't remember a single time in my leadership career when I had all the answers. Once, in an effort to project certainty, I confidently presented some details using guesswork. But things were moving fast, and the information I shared was proven wrong just days later. What I thought would be useful only made me look foolish and ultimately damaged my team's trust in me. After a few failed efforts, I realized my team didn't need me to have all the answers; they just needed me to provide clarity about what was happening. I learned the importance of clarity in three key areas: What is happening? It's essential to clearly state the facts as you know them, even if they're incomplete, to help people process what's happening. Why is it happening? Sharing the "what" without the "why" is a key mistake. My understanding of the "why" was usually incomplete, but sharing any context I had helped my teams make sense of it. What does it mean for me? It's usually hard for people to translate high-level changes down to their level. Even simple reminders like "Your day-to-day work won't change," or "Here's when we'll know how this will affect our road map," helped people feel calmer. The best leaders I've worked with were proactive about answering these questions, reaching out to teams early and often. I made it a practice to hold frequent Q&A sessions with my teams, and say things like: "Good question, I don't know. Let me see if I can find out." I found that even a response like that could be clarifying. Communicate like a human People can tell immediately when leaders aren't being themselves, so it's important to communicate in your own voice. Early in my career, I followed instructions from HR or internal comms teams and stuck to the talking points. I used templates for my emails and repeated the language I was given during leadership meetings. But my team quickly called me out, and I realized I was hurting my reputation by communicating like a corporate puppet. Rather than relying on jargon or HR talking points, I started trying to speak honestly and vulnerably. The strategy I developed wasn't going rogue in a sensitive situation; it was translating the company's carefully chosen talking points into my own voice, using empathy. In practice, this also meant I'd say things like: "I don't know what's going to happen either. The uncertainty isn't great, but I'll let you know as soon as I know more." Or: "This sucks. Layoffs are hard for everyone, especially when it's good friends and talented colleagues we're saying goodbye to." Acknowledging real things like frustration or mistakes helped build trust by signalling we were all in the same boat. Repeat yourself. Then repeat yourself. The No. 1 mistake I've noticed leaders make during times of change isn't just poor communication; it's infrequent communication. Even leaders who were good at providing authentic clarity weren't doing so consistently. They'd communicate once and assume everyone understood. Or worse, they'd say nothing until they had all the answers, or there was something new to say. But that vacuum would often be filled with gossip and speculation. I learned the solution was simply to repeat the message. I'd share the most important messages multiple times via several channels and in different words, because different framings might resonate with different people. People have high anxiety and a short memory in times of crisis. Touching base often, even if there's little new information to share, builds confidence in a visible, highly present leader. Even without new information, it helps people feel confident that they didn't miss something. Leading through change was never about having all the answers During my Big Tech career, I observed that the most effective leaders in a crisis were rarely the ones with all the answers or the boldest vision. They were the ones who communicated clearly, showed up consistently, and were willing to be authentic. That's what builds trust and gets teams through chaos. Representatives for Meta and Airbnb did not respond to a request for comment from Business Insider. Do you have a story to share about managing teams through rough seas in Big Tech? Contact the editor, Charissa Cheong, at ccheong@ Read the original article on Business Insider Solve the daily Crossword


New York Post
16 minutes ago
- New York Post
Foreign tourism to NYC expected to see ‘devastating' $4B drop this year according to industry experts
For foreign tourists, the shine is coming off the Big Apple. Some 2 million fewer visitors from other countries are expected to make the trip to New York City this year, which could cost New York City $4 billion in foreign tourism dollars for 2025, a major industry group said. 5 Big Apple businesses that cater to floods of tourists are already feeling a pinch as foreign travelers are ditching New York this summer, The Post has learned. Stephen Yang Advertisement The drop — which could be as much as 14% — will have a brutal affect on the New York economy, as foreign tourists usually spend big, according to NYC Tourism + Conventions, which did the study. 'Although international visitors make up 20% of total visitation, they account for approximately 50% of all visitor spending, making them essential to New York City's economy,' group CEO Julie Coker said in a statement. 'Combined, this downward revision represents an estimated loss of over $4 billion in direct spending.' Advertisement Big Apple businesses that usually cater to floods of tourists told The Post they are already seeing things slow to a trickle — which is a major disappointment after NYC Tourism + Conventions announced a 'full recovery' for NYC tourism from the effects of COVID-19 in 2024. They blame a variety of causes for the drop, including the United States' new positions on foreign policy and tariffs, especially the new attitude toward Canada. 5 Tourists gather in Times Square in Manhattan. Stephen Yang 'There is an absolute real-world decline in tourism and revenue due to Trump's tariffs, and aggressive posting towards our friendly northern neighbors,' said tour guide operator Matt Levy of Spread Love Tours, who told The Post he is now 'belt tightening' and seeking to take on 'luxury' clientele to make up for losses. Advertisement Levy, whose company caters to a 'significant number of student travel groups from Canada,' was slammed with a staggering 85% drop in revenue from Canadian visitors this year, he said — effectively wiping out a national demographic that makes up 30% of his total revenue. 'For 2026, I would bet hard money it will go to zero [dollars from Canada],' Levy said, noting all of his Canadian revenue from 2025 came from groups that put their deposit down pre-election. 'The kids, the parents want to go, but the school boards are saying, 'Why are we going to go spend money to generate taxes in a country where the president hates us?'' he continued. ''Rather, we can spend money and generate taxes in our own nation.'' 5 K. Krombie, tour guide at Purefinder New York and author of 'Death in New York: History and Culture of Burials, Undertakers and Executions.' Michael Nagle Advertisement K. Krombie, a tour guide who operates Purefinder New York tours like 'Death in New York' and 'Central Park: Scandal and Vice,' told The Post she has seen a 'drop in revenue.' 'I think a lot of it is based around politics,' she said. 'I think some of it is a defiant boycott, and a lot of it is financial, because of the global effects of the tariffs. People are like, 'well, we can go somewhere else to spend our money.' . . . It's devastating, and utterly noticeable, but it's one of those things that you only really can study in hindsight.' 5 Seventeen-year-old Britany Vimos, who sells NYC souvenirs to tourists across the street from Byrant Park. Nicole Rosenthal/NY Post Lori Pickhardt, New York City Manager of Tours By Foot, said there was one hope for city tourism. 'We are hopeful the fall of the US dollar entices people to take advantage of travel to the US, but we are not expecting things to pick up for the next 3.5 years since there seems to be no sense of concern in the United States about the impact on small American businesses or the American consumer.' Christina Hansen, the spokesperson for Central Park's horse carriage drivers, said the union is missing 'a lot of our customer base, which is the UK, Canada, Ireland and Australia. 'But I think domestic tourism is down too . . . because of economic chaos, air travel issues and [a] perceived terror threat due to foreign policy decisions.' 5 Women sell fruit in front of the Hard Rock Cafe in Midtown, Manhattan. Stephen Yang Advertisement Even a manager at a Midtown Applebee's, who declined to provide his name, told The Post his business is down at his location by more than 20% since last year – and blames dwindling tourism numbers for it. A Hard Rock Café worker similarly lamented: 'I don't think it's been the same since last year.' Still, NYC Tourism said that it will continue its global marketing campaign 'with focused outreach across Canada, Mexico, the UK and Western Europe, Latin America, the Middle East and Asia Pacific. 'Our welcoming spirit will not waver,' Coker added, 'and global travelers have an open invitation to visit the one and only New York City when they're ready.'


CNBC
17 minutes ago
- CNBC
Federal Reserve likely to hold interest rates steady despite pressure from Trump. Here's what that means for your money
Ahead of next week's Federal Reserve meeting, relations between President Donald Trump and Fed Chair Jerome Powell have hit a low. "Families are being hurt because Interest Rates are too high," Trump wrote in a Truth Social post on Wednesday. Trump has said he wants the Fed to sharply lower interest rates by as much as 3 percentage points to spur economic growth. (Although the central bank typically adjusts its benchmark in 25-basis-point increments, rates were slashed to near zero as recently as the Covid pandemic. "The Fed only resorts to such extreme measures in response to severe economic distress," said Greg McBride, chief financial analyst at Bankrate.) The president has argued that maintaining a federal funds rate that is too high makes it harder for businesses and consumers to borrow and puts the U.S. at an economic disadvantage to countries with lower rates. The Fed's benchmark sets what banks charge each other for overnight lending, but also has a trickle-down effect on almost all of the borrowing and savings rates Americans see every day. More from Personal Finance:Trump's 'big beautiful bill' slashes CFPB funding78% say Trump's tariffs will make it harder to deal with debtTax changes under Trump's 'big beautiful bill' — in one chart Powell said earlier this month that the Fed likely would have cut rates by now, but that it has held off due to the uncertainty and inflation risks posed by Trump's tariff agenda. Many economists say that the full impact from tariffs on pricing has only just started to be felt, and inflation could pick up in the second half of the year. Since December, the federal funds rate has remained steady in a target range of 4.25% to 4.5%. Futures market pricing is implying almost no chance of an interest rate cut when the Fed meets next week, according to the CME Group's FedWatch gauge. Market pricing indicates the Fed is much more likely to consider a rate cut in September. Once the fed funds rate comes down, consumers could see their borrowing costs start to fall as well. However, "there is no guarantee this would translate into lower rates," said Brett House, an economics professor at Columbia Business School — "largely because many types of borrowing, mortgage rates specifically, are not benchmarked off the Fed." From mortgage rates and auto loans to credit cards and savings accounts, here's a look at how the Fed affects your finances. Trump said in a July 23 social media post that "Housing in our Country is lagging because Jerome 'Too Late' Powell refuses to lower Interest Rates." But fixed mortgage rates, specifically, don't directly track the Fed: They are largely tied to Treasury yields and the U.S. economy. As concerns over tariffs and the broader economy drive Treasury yields higher, mortgage rates also remain stubbornly high. The average rate for a 30-year, fixed-rate mortgage is currently near 6.8%, according to Bankrate. The nationwide problem of limited inventory and housing affordability is a key issue, regardless of the Fed's next move. The housing market "continues to struggle under high home prices as well as high mortgage rates," Eugenio Aleman, chief economist at Raymond James, said in a statement. The median price of a home sold hit a record high in June, according to recent data. Most credit cards have a variable rate, so there's a more direct connection to the Fed's benchmark. Yet, regardless of the central bank's next move, credit card rates are high and likely to stay there. The average annual percentage rate is currently just over 20%, according to Bankrate, not far from last year's all-time record. "Credit card rates have been in a holding pattern at a very elevated level," McBride said. Even if APRs were 3 percentage points lower, that would not significantly ease the burden of a revolving balance, most experts say. Auto loan rates are fixed for the life of the loan. Payments keep getting bigger because car prices are rising, in addition to pressure from Trump's plan to impose higher tariffs on foreign-made vehicles and car parts. Currently, the average rate on a five-year new car loan is 7.22%, according to Bankrate. "Consumers are continuously stretching to afford new vehicles in this market," said Ivan Drury, Edmunds' director of insights. Now, the share of new-car buyers with a car payment of more than $1,000 a month is at all-time high. Federal student loan rates are set once a year, based in part on the last 10-year Treasury note auction in May. They are fixed for the life of the loan, so most borrowers are somewhat shielded from Fed moves and recent economic uncertainty. As of July 1, the interest rates on undergraduate federal student loans are 6.39%. Although borrowers with existing federal student debt balances won't see their rates change, many are now facing other headwinds with fewer federal loan forgiveness options and a popular repayment plan currently on hold. On the upside, top-yielding online savings accounts still offer above-average returns and currently pay more than 4%, according to Bankrate. While the central bank has no direct influence on deposit rates, the yields tend to be correlated to changes in the target federal funds rate — so holding that rate unchanged has kept savings rates above the rate of inflation, which is considered a rare win. "It's not a good time to be a borrower, but it's a great time to be a saver — lean into that," said Bankrate's McBride.