Corus Leisure has changed president and CEO Doug Murphy with co-CEOs every 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 informed by WBD that, beginning in January, main way of life 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 modifications are the most recent fallout amongst legacy Canadian broadcasters from a quickly altering TV business the place elevated cord-cutting and a unbroken linear TV advert recession have native gamers chasing viewers on-line with dear American collection to maintain tempo with Netflix.
Reeb is promoted from serving as Corus’ government vp 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 business,” Heather Shaw, government chair at Corus, stated in an announcement. “The board and I are extraordinarily assured of their capacity to information Corus by way of the evolving regulatory and aggressive panorama, and make sensible, strategic decisions that finest place the corporate for the long run,” she added.
The rise of Netflix and Amazon’s Prime Video as dominant streaming gamers north of the border has drastically lowered advert revenues for Canadian TV networks like Corus as advertising and marketing {dollars} shift from conventional TV to on-line video platforms. As well as, legacy Canadian networks face a higher affect from financial disruption as they lack the size of the main studios and U.S. 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 consists of Jennifer Lee named chief administrative officer and chief authorized officer, a promotion from her function as government vp and common counsel.