CJR.B.TO Value Trap?

I have been watching this stock for a while wondering what others thoughts are. Figure management will be cutting the dividend soon but that has been the concern since the End of 2017 and believe a big slash to the dividend is already priced in. Earnings beat popped stock up today.

P/E: 6.18

Yield: 19.03%

Debt/Equity: 0.86

owned it at one point. the biggest problem here is that the advertisers are cutting their ad spend despite tv subscribers remaining fairly stable. this cutting will probably continue as the decision probably goes like this “we have the same amount for advertising as last year, should we allocate more to online or not, everybody votes yes, and tv ad spend goes down”.

the company has a real chance of going under in a recession because its debt load is extreme, it has no equity to leverage at this point and ad spend will drop somewhat in recession.