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Corus crashes after losing Warner Bros licensing deal
The loss is the latest in a series of unfortunate events for the media co.
Sponsored by First Lithium Minerals
Corus crashes after losing Warner Bros licensing deal
Corus Entertainment (TSX: CJR.B) is one of the biggest movers this week in the market, crashing as much as 48% over the few days off the back of a news release published Friday evening after the market closed.
It appears that Canada’s largest independent media company has lost a major licensing deal with Warner Bros. Discovery that was set to renew at the end of the year. The agreement is set to expire on December 31, 2024, resulting in programming changes in 2025.
You can read more on the matter here.
First Lithium Minerals is a Canadian mineral exploration and development company. The Company is currently focusing on exploring for alkali metals at its 100% owned OCA project comprised of approximately 9,000 ha of mineral exploration concessions located in the salars of Ollague, Carcote, and Ascotan in the Antofagasta Region of northern Chile.
What’s going on?
Canada’s Poverty Rate Is On The Rise (theDeepDive)
UK’s Rishi Sunak pledges £17 billion in tax cuts by 2030, looking to bounce back from D-Day gaffe (CNBC)
Canada agrees to probe of lawmakers who allegedly worked for other nations (Reuters)
Canada’s Selling Feature For Tech Sector Becomes Low Wages, With Americans Making 46% More On Average (theDeepDive)
Soldiers in Malawi search for missing military plane carrying vice-president and former first lady (CTV)
Capital Gains Tax Hike a Start But Canada Needs More Revenue, IMF Says (Bloomberg)
New Zealand Scraps Offshore Petroleum Exploration Ban (theDeepDive)
U.S. lifts ban on sending weapons to controversial Ukrainian military unit (Globe)
Temu Lures More Repeat Customers than EBay, Pressures Amazon (Bloomberg)
Codelco Faces Production Declines Due to Last Year’s Rock Collapse (theDeepDive)
What’s the latest?
Quebec Causing Problems: U.S. government officials have privately discussed imposing trade sanctions on Canada over Quebec's Bill 96, which could affect commercial signs, trademarks, and product labels, potentially contravening trade agreements. Documents obtained by CBC News indicate that the Office of the U.S. Trade Representative is debating whether Bill 96 constitutes a trade barrier or violates IP rights.
IMF Opines: The International Monetary Fund supports Prime Minister Justin Trudeau’s capital gains tax hike, raising the inclusion rate from one-half to two-thirds, saying it enhances the system's neutrality without significantly harming investment or productivity. However, the IMF recommends additional measures to boost revenue and tighten fiscal policy, such as increasing the goods and services tax rate while protecting the poor with a related tax credit.
Apple AI: Apple Inc. introduced a new AI platform called Apple Intelligence at its Worldwide Developers Conference, partnering with OpenAI to integrate ChatGPT into Siri. The platform will help summarize text, create images, and retrieve data, while updates to iOS, iPadOS, macOS, and visionOS were also announced. The AI features aim to boost user loyalty and encourage upgrades, addressing Apple's recent revenue decline and competition in the AI space.
Middle East: Despite Canada's inability to grow enough sugar domestically, it has attracted significant investment in its confectionery industry due to high U.S. sugar prices driven by protectionist measures. Companies like Hershey, Blommer Chocolate, and Mondelez are expanding operations in Canada to take advantage of lower sugar costs and avoid U.S. tariffs on raw and refined sugar. This shift has led to a surge in Canadian candy production and exports to the U.S.
Tiny Sinks: Tiny Ltd, a Canadian holding company investing in internet businesses, saw its shares plunge 16% on Monday after co-founders Andrew Wilkinson and Chris Sparling stepped down as co-CEOs to become co-chairmen. Wilkinson announced plans to sell up to 3.1 million shares, worth about $8.4 million, including donations and gifts, though he still owns over 60% of Tiny.
Copper boom: 650M lbs equivalent deposit in focus
The stock market and stuff
Elon Musk Isn’t Happy About Apple Partnering with OpenAI, Says It’s ‘Creepy’ (theDeepDive)
GM approves $6 bln share buyback on robust demand for gasoline vehicles (Reuters)
Trump Media shares fall over 5% after new SEC filing with reaudited financial statement (CNBC)
Golden Goose targets $2 billion market cap in IPO, below expectations (Reuters)
In the juniors
CanAlaska Mobilizes For 9,000 Metre Drill Program At West McArthur (theDeepDive)
Nevada King To Focus On Atlanta Gold Project, Spinout All Other Assets (theDeepDive)
Market Movers: Corus Entertainment Crashes 26% After Losing Warner Bros Discovery Licensing Deal (theDeepDive)
Golden Cariboo Intersects 61.4 Metres Of 0.58 g/t Gold In Partial Assays (theDeepDive)
FULL DISCLOSURE: First Lithium Minerals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of First Lithium Minerals. The author has been compensated to cover First Lithium Minerals on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. We may buy or sell securities in the company at any time. Always do additional research and consult a professional before purchasing a security.