Television and radio company Corus Entertainment (CJR) is cutting its quarterly dividend payment in half as it looks to pay down debt.
The company said that, going forward, it will pay a quarterly dividend of $0.03 per class B non-voting share and $0.02875 per class A share.
The revised payout compares with its previous quarterly dividend of $0.06 per class B share and $0.05875 per class A share.
The new payments represent a 50% cut to the class B share payout and a 51% reduction in the class A share dividend.
Corus said the money that would have gone to dividends will be used to pay down debt.
The company known for producing television shows such as “Vikings” and “Max and Ruby” said it is also revising its dividend payment schedule.
The latest dividend for Corus’ fiscal third quarter will be paid to shareholders on March 31 of this year. After that, quarterly payment dates will be moved to August, November, February and May compared with June, September, December, and March.
Corus’ stock has declined 63% over the last 12 months to trade at $1.90 per share.
