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Corus CEO quits after losing Warner Bros deal

The CEO of Corus Entertainment (TSX: CJR.B), Doug Murphy, has thrown in the towel, announcing this morning that he will be taking an early retirement. Murphy’s exit notably follows the company losing a licensing transaction with Warner Bros. Discovery earlier this month.

Murphy had been in the role of CEO since 2015, when he also took on the role of President. During his time in the role, he notably saw the launch of StackTV, the Global TV app, and Pluto TV. Investors meanwhile notably saw a collapse in the value of the equity of the company, to the point that the company has now even suspended its dividend.

You can read more on the matter here.

What’s going on?

• Canada Tops U.S. Uranium Deliveries in 2023 – EIA Report (theDeepDive)

• U.S. Supreme Court to hear Nvidia bid to scuttle shareholder lawsuit (CNBC)

• Pentagon’s Secret Anti-Vax Campaign to Undermine China During Pandemic Exposed (theDeepDive)

• Corporate Tax Rate Spurs Political Fight With More Than $1 Trillion at Stake (WSJ)

• False Alarm? NASA Says Accidental Emergency Broadcast Was Just A Drill But Cancels Spacewalk (theDeepDive)

• Flesh-Eating Bacteria That Can Kill in Two Days Spreads in Japan (Bloomberg)

• Crackdown on Unlicensed Cannabis Dispensaries Leaves 3,000 Storefronts Vacant in NYC (theDeepDive)

• Israeli PM Netanyahu disbands his inner war cabinet, official says (Globe)

• Meadow Lake Tribal Council and SRC to Explore Nuclear Microreactors for First Nations Communities (theDeepDive)

• For Ukrainians in Canada, new conscription rules increase pressure to fight (CBC)

• Trudeau Tight-Lipped on Liberal MPs Named in Classified Foreign Interference Report (theDeepDive)

• Calgary residents cut water consumption to record low as city placed under state of emergency (Globe)

• Canada Might Get Sanctioned by the US Over Quebec’s Controversial Bill 96 (theDeepDive)

What’s the latest?

• Manufacturing Sales: Canada Mortgage and Housing Corp reported a 10% increase in the annual pace of housing starts in May, reaching 264,506 units, up from 241,111 in April. The six-month moving average increased by 3.8% to 247,830 units in May from 238,859 in April.

• Trade War: China has launched an anti-dumping investigation into imported pork from the EU, primarily targeting Spain, the Netherlands, and Denmark, in response to the EU's new anti-subsidy duties on Chinese electric vehicles. The investigation will examine pork products meant for human consumption and is expected to conclude by June 17, 2025. European pork producers can continue exporting tariff-free during the investigation.

• Tesla Sues: Tesla has filed a lawsuit against its former supplier, Matthews International, in California federal court, alleging the theft of trade secrets related to Tesla's battery-manufacturing process. The lawsuit claims Matthews shared Tesla's dry-electrode coating technology with competitors and misappropriated these innovations in its own patent filings. Tesla seeks over $1 billion in damages, a court order to prevent further misuse of its trade secrets, and the transfer of Matthews' patent applications.

• Copper Falls: Copper prices declined for the fourth consecutive week, falling 0.9% to $9,655 a ton in Shanghai, amid ongoing concerns over weak demand in China, the metal’s largest market. Despite measures by President Xi Jinping’s government to stabilize growth and the property sector, economic data showed slower growth in industrial output and fixed-asset investment, with a deepening housing slump.

• Social Media Warnings: U.S. Surgeon General Dr. Vivek Murthy has urged Congress to mandate warning labels on social media platforms, similar to those required on cigarette boxes, to address the mental health crisis among young people. In a New York Times opinion piece, Murthy argued that social media poses significant mental health risks for adolescents and that warning labels could increase awareness and change behavior, drawing parallels to the effectiveness of tobacco warnings.

Pioneering indigenous mining royalties in Canada

The stock market and stuff

• 25 McNuggets Meals? McDonald’s Ends AI Drive-Thru Ordering Test with IBM (theDeepDive)

• Warren Buffett’s Berkshire Hathaway trims its stake in Chinese EV maker BYD to 6.9% (CNBC)

• UBS sets aside $900 mln to repay investors in collapsed Greensill funds (Reuters)

• EIA Revises US Natural Gas Outlook: Production to Drop, Demand to Reach Record Highs (theDeepDive)

In the juniors

• Riverside Resources Adds Second Target To Ariel Copper Project With Expansion Of Claims (theDeepDive)

• Corus Entertainment CEO Takes Early Retirement After Losing Warner Bros Licensing Deal (theDeepDive)

• Snowline Gold Reports Over 7.0 Million Ounces Of Gold In Initial Resource Estimate Across Indicated, Inferred Categories (theDeepDive)

FULL DISCLOSURE: Cytophage Technologies is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cytophage Technologies. The author has been compensated to cover Cytophage Technologies on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.