The Canadian Radio-television and Telecommunications Commission (CRTC) has approved the previously announced recapitalization transaction plan for Corus Entertainment (Corus).
The deal was approved by the Ontario Superior Court in March, but was subject to CRTC approval for the ownership transaction.
Corus Entertainment, the parent company of Global News, had reached the proposed deal with its secured lenders in November 2025 in an attempt to restructure the company’s $1.1 billion of debt.
In its Thursday decision, the CRTC said it held public consultation on the application and received 53 interveners representing a wide range of views from broadcasters, industry associations and community groups.
It assessed that as Canada’s largest independent broadcaster, Corus makes “significant contributions” as a “leading broadcaster” via its local, regional, and national news programming, and support for programming produced by independent producers.
The commission exercised its discretion to approve the deal with an exemption from its tangible benefits policy in the transaction, a policy that usually requires the buyer to “pay forward” a percentage of the purchase value to the CRTC that is then distributed into independent Canadian media funds to finance Canadian content creation.
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“In making this determination, the Commission considered the unique nature of the proposed transaction, Corus’s financial circumstances, the absence of a reasonable alternative to the recapitalization, Corus’s unique role within the Canadian broadcasting system, the public interest in supporting the continued operation of its broadcasting services, and the valuable content it offers to Canadians, in particular, news and information programming,” the decision states.
“The Recapitalization Transaction is expected to strengthen Corus’ financial position and provide a long-term solution that supports a sustainable business strategy by materially reducing existing debt and maintaining secured lending facility and liquidity access,” stated Corus Entertainment in a press release.
The deal includes a reduction of total debt and liabilities by more than $500 million and a slashing of annual cash interest by up to $40 million as well as extending debt maturity by five years.
The recapitalization plan followed a period of declining advertising revenue, heightened competition from streaming services, and a challenging regulatory environment as well as a series of cost-cutting measures by the media company.
Corus said the transaction is expected to close in the coming weeks after various closing conditions are satisfied.