World Courant
Corus Leisure has changed president and CEO Doug Murphy with co-CEOs per week after the Canadian broadcaster misplaced the rights to key Warner Bros. Discovery channels to rival Rogers Sports activities and Media.
On Monday morning, Corus stated Murphy took “an early retirement,” efficient instantly, and might be changed as co-CEOs by Troy Reeb and John Gossling. The transfer follows Corus on June 10 being advised by WBD that, beginning in January, main life-style manufacturers like HGTV, Meals Community, Cooking Channel, Magnolia Community and OWN would go to rival Rogers as a part of a brand new multi-year licensing deal.
The manager suite adjustments are the newest fallout amongst legacy Canadian broadcasters from a quickly altering TV trade the place elevated cord-cutting and a unbroken linear TV advert recession have native gamers chasing viewers on-line with expensive American collection to maintain tempo with Netflix.
Reeb is promoted from serving as Corus’ government vice chairman of networks and content material, overseeing programming, whereas Gossling retains his function as CFO, whereas including company technique and know-how to his tasks.
“Succession planning is an integral a part of our operations. Troy and John are seasoned senior broadcast and media executives who every have distinctive expertise, a strategic mindset and deep understanding of the trade,” Heather Shaw, government chair at Corus, stated in a press release. “The board and I are extraordinarily assured of their capacity to information Corus by way of the evolving regulatory and aggressive panorama, and make good, strategic selections that finest place the corporate for the longer term,” she added.
The rise of Netflix and Amazon’s Prime Video as dominant streaming gamers north of the border has drastically decreased advert revenues for Canadian TV networks like Corus as advertising {dollars} shift from conventional TV to on-line video platforms. As well as, legacy Canadian networks face a higher influence from financial disruption as they lack the dimensions of the foremost studios and US networks as they battle for survival and supremacy within the evolving streaming period.
Shares in Corus Leisure have been buying and selling up 2.6 % at 20 cents pre-market on Monday after Murphy’s exit was introduced. He turned Corus CEO in 2015, changing longtime topper John Cassaday.
The administration shakeup at Corus contains Jennifer Lee named chief administrative officer and chief authorized officer, a promotion from her function as government vp and basic counsel.
