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Corus replaces CEO after losing key content rights to Rogers

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TORONTO — New leadership is coming to Corus Entertainment Inc. after it lost several major Warner Bros. Discovery lifestyle television channels to Rogers Communications Inc. and continues to struggle in the current broadcasting environment.

Corus said Monday that Doug Murphy was retiring from the top job and that executives Troy Reeb and John Gossling have been appointed as co-chief executives, effective immediately.

Corus' stock price has lost more than half its value since the news of losing the Warner Bros. brands. It's part of a longer decline for the company as broadcasters, especially independent ones, struggle to adapt to new streaming models. Corus said the new leadership appointments reflect a"forward focus on managing through a challenging environment."

Reeb, who has spent 25 years at Corus, steps into the co-CEO spot from his role as responsible for studio content.Outgoing chief executive Murphy joined Corus in 2003 as executive vice-president of business development, and held successively more senior positions until he was appointed as president and chief executive in 2015.

 

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