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Corus Entertainment - Q2-2018 Earnings & Price Target Update

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Corus Entertainment Inc. (TSX: CJR.B) owns Canadian TV and radio stations. The television segment contributes approximately 90% of revenues. One of the largest operating costs is the purchase of programing mainly for the TV stations. The Television segment is comprised of 45 specialty television networks, pay television services (ceased operations Feb-29-2016), 15 conventional television stations, and the Corus content business, which includes the production and distribution of films and television programs, merchandise licensing, book publishing, animation software, and technology and media services. Revenues are generated from advertising, subscribers and the licensing of proprietary films and television programs, merchandise licensing, book publishing, animation software, and technology and media service sales. The Radio segment is comprised of 39 radio stations situated primarily in high-growth urban centres in English Canada, with a concentration in the densely populated area of Southern Ontario. Corus is one of Canada's leading radio operators in terms of audience reach. The first and third quarter results tend to be the strongest and second and fourth quarter results tend to be the weakest in a fiscal year.

In Feb-2016, the Pay TV business was discontinued. In Apr-2016, 100% of Shaw Media Inc. was acquired from Shaw Communications Inc.(SJR.A,B), which included 19 specialty television services, 12 Global Television branded conventional television stations, Global News and globalnews.ca, and the HistoryGO and GlobalGO apps.

Shares issued as of Feb-28-2018 include Class B shares (205M) (CJR.B) and Class A shares (3.4M) (CJR.A) The majority of the Class A participating shares are held by entities owned by the Shaw Family Living Trust (SFLT). The Class A Voting Shares are the only shares entitled to vote in all shareholder matters, except in limited circumstances. Accordingly, SFLT is, and as long as it owns a majority of the Class A Voting Shares, will continue to be able to elect a majority of the Board of Directors of and to control the vote on matters submitted to a vote of Corus' Class A shareholders. SFLT is also the controlling shareholder of Shaw Communications Inc.,(SJR.A, B) and as a result, Shaw and Corus are subject to common voting control.

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