Television and radio company Corus Entertainment Inc. is cutting its quarterly dividend.

Corus executive chair Heather Shaw says the money that would have gone to dividends is expected to be directed to debt repayment.

The company says it will now pay a quarterly dividend of three cents per class B non-voting share and 2.875 cents per class A share.

The payout compares with its previous quarterly dividend rate of six cents per class B share and 5.875 cents per class A share.

Corus also says it is revising its dividend payment schedule.

The dividend for its third quarter will be paid on March 31. Thereafter its expected quarterly payment dates will shift to August, November, February and May compared with June, September, December and March.

This report by The Canadian Press was first published March 7, 2023.