Yahoo Autos Corus halves dividend amid ad revenue slump
The company plans to redirect cash to pay down debt
Corus Entertainment (CJR-B.TO) is cutting its dividend in half as it contends with an ongoing decline in advertising revenue.
The company announced it’s lowering its quarterly dividend to $0.03 per share and changing the payment schedule to more closely align with the end of its fiscal quarter. Its fiscal third quarter dividend will be paid out on March 31.
"We recognize that a market-competitive dividend is important to our shareholders and this remains a key priority as we navigate current macroeconomic factors,” Heather Shaw, executive chair at Corus, said in a press release late Monday.
“While we continue to make strategic investments in the business to drive future growth, this redeployment of capital from dividends is expected to be directed to debt repayment."