Corus Entertainment provides fiscal 2009 guidance and announces dividend reinvestment plan for shareholders

Corus Entertainment provides fiscal 2009 guidance and announces dividend reinvestment plan for shareholders

TORONTO, Sept. 25 /PRNewswire-FirstCall/ -- Corus Entertainment Inc. (TSX:CJR.B; NYSE:CJR) updates investors today on the Company's fiscal year 2009 strategic priorities and provides near-term financial guidance for the 2009 fiscal year.

"We have the plans in place to deliver solid results once again in 2009. We have excellent growth prospects within our women's specialty business with the addition of CosmoTV and CLT and, within our pay television service, with the addition of HBO Canada," said John Cassaday, President and Chief Executive Officer, Corus Entertainment.

"For fiscal year 2009, we are targeting free cash flow of $70 to $90 million and consolidated segment profit of $270 to $280 million," said Cassaday.

The Company also announced today that it would implement a Dividend Reinvestment Plan (DRIP) effective November 1, 2008 and that the Plan will be managed by CIBC Mellon, the Company's transfer agent.

"Our Dividend Reinvestment Plan is an excellent opportunity for investors who share our confidence in the growth of Corus to invest their dividends back into the Company," added Cassaday.

A meeting with analysts and investors will take place at 9 a.m. ET today to review 2009 strategic priorities. A live audiocast of the presentation along with the accompanying PowerPoint slides can be accessed through the company's website www.corusent.com in the Investor Relations section.

The full audio presentation and PowerPoint slides will also be archived on the Company's website under "Investor Relations".

Corus Entertainment Inc. reports in Canadian dollars.

About Corus Entertainment Inc.

Corus Entertainment Inc. is a Canadian-based media and entertainment company. Corus is a market leader in specialty television and radio with additional assets in pay television, advertising and digital audio services, television broadcasting, children's book publishing and children's animation. The company's multimedia entertainment brands include YTV, Treehouse, W Network, Movie Central, Nelvana, Kids Can Press and radio stations including CKNW, CKOI and Q107. Corus creates engaging branded entertainment experiences for its audiences across multiple platforms. A publicly traded company, Corus is listed on the Toronto (CJR.B) and New York (CJR) exchanges. Experience Corus on the web at www.corusent.com.

This statement contains forward-looking information and should be read subject to the following cautionary language:

To the extent any statements made in this press release contain information that is not historical; these statements are forward-looking statements within the meaning of applicable securities laws. These forward-looking statements related to, among other things, our objectives, goals, strategies, intentions, plans, estimates and outlook and can generally be identified by the use of the words such as "believe", "anticipate", "expect", "intend", "plan", "will", "may" and other similar expressions. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances are forward-looking statements. Although Corus believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from these expectations include, among other things: our ability to attract and retain advertising revenues; audience acceptance of our television programs and cable networks; our ability to recoup production costs, the availability of tax credits and the existence of co-production treaties; our ability to compete in any of the industries in which we do business; the opportunities (or lack thereof) that may be presented to and pursued by us; conditions in the entertainment, information and communications industries and technological developments therein; changes in laws or regulations or the interpretation or application of those laws and regulations; our ability to integrate and realize anticipated benefits from our acquisitions and to effectively manage our growth; our ability to successfully defend ourselves against litigation matters arising out of the ordinary course of business; and changes in accounting standards. Additional information about these factors and about the material assumptions underlying such forward-looking statements may be found in our Annual Information Form. Corus cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to Corus, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Unless otherwise required by applicable securities laws, we disclaim any intention or obligation to publicly update or revise any forward-looking statements whether as a result of new information, events or circumstances that arises after the date thereof or otherwise.

Source: Corus Entertainment Inc.

CONTACT: John Cassaday, President and Chief Executive Officer, Corus
Entertainment Inc., (416) 642-3770; Tom Peddie, Senior Vice President and
Chief Financial Officer, Corus Entertainment Inc., (416) 642-3780; Tracy
Ewing, Vice President, Communications, Corus Entertainment Inc., (416)
642-3792

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