Shares fell 22.5% at close (Il Sole 24 Ore Radiocor) - New York, 16 Jul - Shares in Canada's Corus Entertainment fell more than 20% after it warned it may soon breach its debt covenants and was planning more restructuring due to the fall in advertising revenue.

The Toronto-based company issued a 'going concern' warning in its fiscal 2024 third quarter results that fell below expectations.

It said its revenue fell 16% to 332 million Canadian dollars.

'We are decisively reducing more costs and taking actions to right-size our business given the realities of our operating environment,' said John Gossling, co-chief executive officer and chief financial officer.

'We have made difficult decisions to part with certain legacy assets and are identifying additional opportunities to streamline our business with the aim of improving profitability. We are also working with the board to develop a comprehensive plan to strengthen the balance sheet and manage liabilities.'.

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(RADIOCOR) 16-07-24 15:06:46 (0482) 5 NNNN