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TORONTO — Corus Entertainment Inc. shares were down 11 per cent early Wednesday after the company announced a $935.9 million loss tied mostly to a devaluation of its broadcast licences and slashed its dividend to accelerate debt reduction.

The company’s B shares were at $5.56 in the first minutes of trading, down 69 cents or 11 per cent from Tuesday’s close and equal to their previous 52-week low on the Toronto Stock Exchange.

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The Toronto-based television, radio and production company said the loss included a $1.01-billion non-cash impairment charge related to broadcast licences and goodwill.

Impairment charges generally reflect the future earning power of a business’s assets. Excluding those and other expense items, Corus would have had a profit in the three months ended May 31.

The reduced dividend will divert about $150 million per year to reducing Corus debt — a move that management said would give it more financial flexibility in the long-term.