Corus Entertainment Noteholders Approve Recapitalization Arrangement at Annual Meeting

Corus Entertainment (TSE:CJR.B) held a meeting of its senior noteholders to vote on a proposed arrangement intended to complete a recapitalization of the company. The meeting was chaired by Mark Hollinger, the company’s independent lead director, with CEO John Gossling and Chief Administrative and Legal Officer and Corporate Secretary Jennifer Lee also in attendance.

Meeting procedures and voting mechanics

Lee reviewed procedural rules for the webcast meeting, including that voting would be conducted through a single electronic ballot. Registered senior noteholders and duly appointed proxy holders were instructed to vote electronically using a “Vote Here” button and to click “Submit Vote” for their vote to be counted.

Lee noted that noteholders were entitled to one vote for each CAD $1 in principal amount of senior notes held, in connection with the Senior Noteholders Arrangement Resolution and any other matters before the meeting. She also reminded participants that noteholders who had already submitted a valid proxy in advance did not need to vote during the meeting, and that voting during the meeting would revoke any previously submitted proxy.

Questions could be submitted through an online “Ask a Question” field, but the company stated that only procedural questions or those directly related to the motion before the meeting would be addressed. Lee added that certain proxy holders had agreed to propose motions to expedite the meeting.

Quorum and notice

Hollinger called the meeting to order and confirmed meeting roles, including Lee serving as secretary. Rita Gutierrez Fernandez of Broadridge Investor Communications Corporation was appointed as scrutineer.

The chair stated that quorum for the meeting was set at two or more persons entitled to vote, present in person or by proxy, and that quorum was present based on the scrutineer’s report. Hollinger also said he had received proof of mailing from Broadridge that the notice package had been properly sent to senior noteholders, including the Notice of Meeting, forms of proxy and voting instruction, documentation related to “New First Lien Notes,” a participation form, and the management information circular.

He said the mailing was conducted in accordance with an interim order of the Ontario Superior Court of Justice (Commercial List) dated Dec. 17, 2025. With no objection, the chair dispensed with reading the notice of meeting and declared the meeting properly constituted.

Resolution presented: arrangement to effect recapitalization

The stated purpose of the meeting was for senior noteholders to consider and, if deemed advisable, pass a resolution approving an arrangement under Section 192 of the Canada Business Corporations Act. Hollinger said the arrangement was intended to effect a recapitalization of the company. He referred noteholders to the full text of the resolution—called the Senior Noteholders Arrangement Resolution—which was set out in Appendix A to the management information circular.

Hollinger explained the approval threshold, stating the resolution required at least two-thirds of the votes cast by senior noteholders voting as a single class, present in person or represented by proxy, and entitled to vote.

A duly appointed proxy holder moved that the Senior Noteholders Arrangement Resolution be approved. When Hollinger asked whether any questions had been received regarding the motion, Lee said no questions had been submitted. With no questions or comments, discussion was closed and the vote proceeded.

Vote conducted; arrangement resolution approved

The chair reopened voting instructions, reiterating that eligible noteholders could vote “For” or “Against” the resolution and must click “Submit Vote” for their vote to be counted. After allowing time for voting, Hollinger closed the polls and asked the scrutineer to compile the results.

After a short pause, Hollinger announced he had received the preliminary scrutineer’s report and confirmed the resolution approving the arrangement had passed. He said final voting results would be provided in a press release and posted to the company’s profile on SEDAR+ once final tabulations were completed. The final scrutineer’s report would also be incorporated into the meeting minutes.

Meeting adjourned

Hollinger thanked participants for their involvement and “general support for the proposed arrangement.” With no additional business raised, he declared the meeting terminated.

About Corus Entertainment (TSE:CJR.B)

Corus Entertainment Inc is a media and content company that operates in the diversified media industry. The company has two business segments, which includes television, and radio. The television business segment has a portfolio of television channels. The radio business segment controls a number of stations that cater to both the music, news, and talk radio markets. The company generates the vast majority of its revenue in Canada.