Saturday, November 17

Corus Entertainment records decline in its Q1 financial results

CorusWith slight gains in its kids content business and radio advertising offset by sharper decreases in TV ad revenue, Canadian media conglomerate Corus Entertainment recorded a year-over-year decline in its Q1 financial results.

The Toronto-based company posted Q1 revenue of US$332.7 million across its TV assets a climb down by 2% from US$340.8 million at the same period last year while revenue in its radio business remained flat at US$33.5 million. Overall, segment revenue fell to US$366.2 million, from US$374.6 million a year ago.

Consolidated profits across TV and radio businesses fell more sharply with TV profits going down by 9% to US$135 million from US$147.6 million in Q1 of 2017. Meanwhile, combined ad revenue for TV and radio fell by 4% to US$250 million, from US$258.9 million a year ago.

While many areas of the business posted declines, John Gossling, EVP and CFO, said that Corus-owned animation and distribution arm Nelvana had posted a revenue increase of 24% compared to that of last year’s Q1 results.

Both Gossling and president and CEO Doug Murphy also announced that Nelvana is partnering once again with Toronto-based Spin Master and Tokyo, Japan-based animation studio TMS Entertainment on a remake of the animated series Bakugan Battle Brawlers.

The trio’s original 52-episode version of the show ran from 2007 to 2008.