Page 1

• Corus® CORUS ENTERTAINMENT ANNOUNCES FISCAL 2021 SECOND QUARTER RESULTS Sequential revenue recovery with significant streaming subscriber and content licensing gains , strong free cash flow and reduction of leverage target • Consolidated revenues declined 5 % for the quarter and 8 % year - to - date Consolidated segment profit ( ¹ ) decreased 3 % for both the quarter and year - to - date • Consolidated segment profit margin ( ¹ ) of 31 % for the quarter and 37 % year - to - date • Net income attributable to shareholders of $ 35.3 million ( $ 0.17 per share basic ) for the quarter and $ 112.0 million ( $ 0.54 per share basic ) year - to - date • Net debt to segment profit ( ¹ ) of 3.02 times at February 28 , 2021 , down from 3.18 times at August 31 , 2020 • Significant reduction of leverage target to under 2.5 times net debt to segment profit ( ¹ ) • Free cash flow ( 1 ) of $ 89.7 million for the quarter and $ 152.1 million year - to - date • Achieved recent milestone of over 500,000 paying subscribers on streaming platforms , doubled from the prior year TORONTO , April 9 , 2021 - Corus Entertainment Inc. ( TSX : CJR.B ) announced its second quarter financial results today . " Our Q2 results demonstrate strong operational momentum , bolstered by sequential Television advertising revenue recovery , robust paid streaming subscriber gains and double digit growth in our content licensing business , " said Doug Murphy , President and Chief Executive Officer . " Notably , we are excited to announce the achievement of a significant milestone , with over half a million paid subscriptions to our streaming platforms . We have reached an inflection point in this dynamic industry environment , one that will build on the strength of our diversified portfolio and free cash flow as the economy recovers . Our focus remains on delivery of consolidated revenue growth year over year , driven by the ongoing advancement of our strategic plan and expansion of our financial flexibility commensurate with a reduction in our leverage target . " Financial Highlights February 28 , ( in thousands of Canadian dollars except per share amounts ) 2021 Three months ended February 29 , 2020 % Change February 28 , 2021 Six months ended February 29 , 2020 % Change Revenues Television 338,519 347,843 ( 3 % ) Radio 20,355 358,874 28,152 375,995 ( 28 % ) 730,621 48,608 777,794 ( 6 % ) 66,079 ( 26 % ) ( 5 % ) 779,229 843,873 ( 8 % ) Segment profit ( loss ) ( ¹ ) Television ( 2 ) Radio ( 2 ) 119,556 115,472 4 % 1,409 4,576 ( 69 % ) Corporate ( 2 ) ( 8,325 ) ( 4,139 ) 101 % 299,121 8,550 ( 16,424 ) 294,090 16,604 ( 10,670 ) 112,640 115,909 ( 3 % ) 291,247 300,024 2 % ( 49 % ) 54 % ( 3 % ) Segment profit margin ( ¹ ) Television 35 % 33 % 41 % 38 % Radio Consolidated 7 % 16 % 18 % 25 % 31 % 31 % 37 % 36 % Net income attributable to shareholders 35,300 18,524 91 % 111,964 96,640 16 % Adjusted net income attributable to shareholders ( ¹ ) 37,496 25,900 45 % 117,347 105,880 11 % Basic earnings per share $ 0.17 $ 0.09 $ 0.54 $ 0.46 Adjusted basic earnings per share ( 1 ) $ 0.18 $ 0.12 $ 0.56 $ 0.50 Diluted earnings per share $ 0.17 $ 0.09 $ 0.54 $ 0.46 Free cash flow ( ¹ ) 89,690 65,073 38 % 152,064 118,121 29 % ( 1 ) Segment profit ( loss ) , segment profit margin , adjusted net income attributable to shareholders , adjusted basic earnings per share , free cash flow and net debt to segment profit do not have standardized meanings prescribed by International Financial Reporting Standards ( " IFRS " ) . The Company believes these non - IFRS measures are frequently used as key measures to evaluate performance . For definitions , explanations and reconciliations see discussion under the Key Performance Indicators section of the Second Quarter 2021 Report to Shareholders and / or Management's Discussion and Analysis in the Company's Annual Report for the year ended August 31 , 2020 . ( 2 ) Segment profit included $ 4.4 million in Q2 ( TV : $ 3.6 million ; Radio : $ 0.7 million ; Corporate : $ 0.1 million ) and $ 8.2 million year - to - date ( TV : $ 6.1 million ; Radio : $ 1.1 million ; Corporate : $ 1.0 million ) of estimated Canadian Emergency Wage Subsidy ( " CEWS " ) benefit and relief on regulatory fees of $ 7.8 million in Q2 ( TV : $ 6.9 million ; Radio : $ 0.9 million ) and $ 8.2 million year - to - date ( TV : $ 7.3 million ; Radio : $ 0.9 million ) . corus . Fiscal 2021 Second Quarter • Press Release | 1