News release via Canada NewsWire, Toronto 416-863-9350
Attention Business Editors:
Corus Entertainment announces its intention to voluntarily delist from
TORONTO, July 15 /CNW/ - Corus Entertainment Inc. (TSX: CJR.B; NYSE: CJR)
announced today its intention to voluntarily delist its Class B Non-Voting
Shares ("Class B Shares") from the New York Stock Exchange ("NYSE"). The
Company will continue to list and trade its Class B Shares on the Toronto
Stock Exchange ("TSX").
The NYSE accounts for approximately 9% of Corus' global trading volume
and, as such, the Company believes its shareholders are provided with
sufficient liquidity through the TSX listing.
"We believe that the costs associated with maintaining our NYSE listing
outweigh the benefits for the Company and our shareholders," said John
Cassaday, President and CEO, Corus Entertainment. "The voluntary delisting
from the NYSE will have no impact on Corus' commitment to maintaining high
standards of corporate governance and transparency in financial reporting."
Corus provided written notice today to the NYSE that it intends to delist
its Class B Shares. The Company intends to file a Form 25 with the U.S.
Securities and Exchange Commission ("SEC") on or about July 26, 2010 to effect
the delisting. Accordingly, the Company further anticipates that its Class B
Shares will be delisted from the NYSE on or about August 5, 2010. Once the
delisting is effective, the Company will continue to meet its reporting
obligations with the SEC until such time it can terminate registration of its
Class B Shares with the SEC, as permitted under SEC rules.
Corus has not arranged for quotation of the Class B Shares on another
U.S. national exchange or in a quotation medium in the United States.
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 ma