Corus Entertainment Inc. held its annual General Meeting on December 11, 2002 and outlined its action plan to position Nelvana as a key component of the company's overall business strategy, which includes a focus on vertical integration and content ownership. In addition, the company announced the appointment of Doug Murphy to executive vice president, business development for Nelvana. Corus had recently announced plans to reduce Nelvana's production levels to less than 150 episodes in fiscal 2003, as opposed to the 252 episodes produced in fiscal 2002. "Despite our recent moves to reduce the production slate and size of our Nelvana studio, content remains a critical part of our business strategy," said John Cassaday, president and CEO of Corus Entertainment. "The traditional business model of selling ads and collecting subscriptions will continue to support our growth in the short term, but in the long term Nelvana ensures our relevance as new technologies emerge that need content. It diversifies our revenue sources, gives us important access to international growth opportunities and is a critical greenhouse for the development of the next big television hit. With the addition to the Nelvana team of someone of Doug Murphy's caliber, we're confident that we will develop new revenue streams and strengthen the value of our world-class brands." As executive vice president, business development for Nelvana, Murphy will oversee all of Nelvana's sales, marketing, merchandising, music and publishing activities. His past experience includes 10 years in senior positions with The Walt Disney Company in North America and abroad. Murphy will report to Paul Robertson, newly appointed president of Nelvana.