The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from PR Newswire

Corus Entertainment Announces 10% Dividend Increase for Class A and Class B Shareholders

Tuesday, January 10, 2012

Corus Entertainment Announces 10% Dividend Increase for Class A and Class B Shareholders07:00 EST Tuesday, January 10, 2012 TORONTO, Jan. 10, 2012 /PRNewswire/ - Corus Entertainment Inc. (TSX: CJR.B) announced today that its Board of Directors has approved a $0.09 increase in its annual dividend. The Company's monthly dividend for holders of its Class A and Class B Shares will increase to $0.079583 and $0.08, respectively. The dividend will be paid on each of February 29, 2012, March 30, 2012 and April 30, 2012 to shareholders of record at the close of business on February 15, 2012, March 15, 2012 and April 16, 2012, respectively. At the new rate, the dividend on an annual basis for the Company's Class A and Class B Shares is $0.955 and $0.96 respectively, up from the previous rate of $0.865 and $0.87, respectively. "Our outlook for strong free cash flow and continued earnings growth has allowed us to declare a 10% increase in our annual dividend this fiscal year," said Heather Shaw, Executive Chair, Corus Entertainment Inc. "This increase reflects our commitment to providing value to our shareholders through solid execution of our business initiatives and maintenance of a strong balance sheet." The foregoing dividends are designated as "eligible" dividends for the purpose of the Income Tax Act (Canada) and any similar provincial legislation. Corus' Board of Directors reviews the dividend on a quarterly basis. Shareholders are entitled to receive dividends only when any such dividends are declared by Corus' Board of Directors and there is no entitlement to any dividend prior thereto. Registered shareholders who are residents of Canada and who are not currently participating in Corus' Dividend Reinvestment Plan ("the Plan") may elect to participate in the Plan through the completion of an enrollment form which can be obtained from the Company's Plan administrator, CIBC Mellon Trust Company c/o Canadian Stock Transfer Company, Inc., on their website at www.canstockta.com or by calling 1.800.387.0825. The Plan allows eligible holders of Class A Shares and Class B Shares to acquire additional Class B Shares through reinvestment of the cash dividends paid on their respective shareholdings. Non-registered beneficial shareholders who are residents of Canada and who wish to join the Plan should consult their broker, financial institution or other intermediary through which they hold Class A Shares or Class B Shares. At this time, Corus' Board of Directors confirms that the Company will continue to issue shares from treasury at a 2% discount from the average market price to Plan participants of record, as determined pursuant to the terms of the Plan. There were 3,434,746 Class A Voting Shares outstanding and 79,292,860 Class B Non-Voting Shares outstanding on December 31, 2011. Corus Entertainment Inc. reports in Canadian dollars. About Corus Entertainment Inc. Corus Entertainment Inc. is a Canadian-based media and entertainment company. Corus is a market leader in specialty television and radio with additional assets in pay television, television broadcasting, children's book publishing and children's animation. The Company's multimedia entertainment brands include YTV, Treehouse, Nickelodeon (Canada), W Network, OWN: Oprah Winfrey Network (Canada), CosmoTV, Sundance Channel (Canada), Movie Central, HBO Canada, Nelvana, Kids Can Press and radio stations including CKNW AM 980, 99.3 The FOX, Country 105, 630 CHED, Q107, and 102.1 the Edge. Corus creates engaging branded entertainment experiences for its audiences across multiple platforms. A publicly traded company, Corus is listed on the Toronto Stock Exchange (CJR.B).  Experience Corus on the web at www.corusent.com. SOURCE Corus Entertainment Inc.For further information: <table border="0"> <tr valign="top"> <td nowrap="nowrap" align="left"> <b>John Cassaday </b><br/> <b>President and Chief Executive Officer </b><br/> <b>Corus Entertainment Inc.</b><b> </b><br/> <b>416.479.6018</b> </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td nowrap="nowrap" align="left"> <b>Tom Peddie, FCA </b><br/> <b>Executive Vice President and Chief </b><br/> <b>Financial Officer </b><br/> <b>Corus </b><b>Entertainment Inc. </b><br/> <b>416.479.6080</b> </td> </tr> <tr> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> </tr> <tr valign="top"> <td nowrap="nowrap" align="left"> <b>Sally Tindal</b><br/> <b>Director, Communications</b><br/> <b>Corus Entertainment Inc.</b><br/> <b>416.479.6107</b> </td> <td>   </td> <td>   </td> <td>   </td> <td>   </td> </tr> </table> <p>   </p>