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CORUS ENTERTAINMENT DECLARES DIVIDEND; UPDATES CAPITAL ALLOCATION POLICY
CORUS ENTERTAINMENT DECLARES DIVIDEND; UPDATES CAPITAL ALLOCATION POLICY Canada NewsWir...
About this update from Corus Entertainment Inc. Class B
[{"type":"text","content":"\n \n \n \n CORUS ENTERTAINMENT DECLARES DIVIDEND; UPDATES CAPITAL ALLOCATION POLICY\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n Corus declares quarterly dividend of\n \n $0.03\n \n for Class B shareholders and\n \n $0.02875\n \n for Class A shareholders; adopts a revised dividend payment schedule\n \n \n \n \n TORONTO\n \n \n ,\n \n \n March 6, 2023\n \n \n /CNW/ -\n \n Corus Entertainment Inc.\n \n (TSX: CJR.B) (\"Corus\" or the \"Company\") announced today that its Board of Directors has declared a dividend of\n \n $0.03\n \n per Class B non-voting participating share (\"Class B Share\") and\n \n $0.02875\n \n per Class A participating share (\"Class A Share\") payable on\n \n March 31, 2023\n \n , to shareholders of record at the close of business on\n \n March 15, 2023\n \n . A revised dividend payment schedule has also been adopted.\n \n \n The foregoing dividends are designated as \"eligible\" dividends for the purpose of the\n \n Income Tax Act\n \n (\n \n Canada\n \n ) and any similar provincial legislation.\n \n \n Corus will be adopting a new dividend rate and payment schedule, following a review of the Company's capital allocation policy by the Board of Directors.\n \n \n \n Effective\n \n March 31, 2023\n \n , Corus' annual dividend rate will be reduced to\n \n $0.12\n \n per Class B Share and\n \n $0.115\n \n per Class A Share, in line with both the Company's long-term goal of maintaining a dividend yield in excess of 2.5% and current industry peer benchmarks.\n \n \n The dividend payment schedule will be changed to more closely align with the end of each fiscal quarter. The third quarter fiscal 2023 dividend will be paid on\n \n March 31, 2023\n \n . Thereafter, a revised dividend payment schedule will be adopted with expected quarterly payment dates shifting to August, November, February and May (from June, September, December and March), with any such dividend declarations being subject to Board approval.\n \n \n \n \"Our Board has always taken a prudent approach to capital al...