Corus Shares May Be Worthless After Rogers Television Raid, TD Says [BNN Bloomberg (Canada)]
Rogers Communication, Inc. (RCI)
Last rogers communication, inc. earnings: 4/22 07:00 am
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Source: BNN Bloomberg
Corus, an independent television and radio company that's controlled by the Shaw family of Alberta, is at risk of losing the Canadian rights to programming on five key channels, including HGTV and the Food Network. Rogers said Monday it signed an agreement with Warner to become the rights holder to those TV brands, starting in January. If Rogers succeeds in taking over the specialty cable channels “with no compensation for Corus, then our forecasts will be seriously impacted and the equity value of CJR.B shares will likely be zero,” TD analyst Vince Valentini wrote in a report to clients. The channels are vital to Corus' business, yielding about C$155 million ($113 million) in revenue per year and C$50 million in earnings before interest, taxes, depreciation and amortization. “Corus also has branding and content deals with other key US channels and studios, such as Disney, the History Channel, and Hallmark,” he said. “This could be a very dangerous slippery slope, in our view.”
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