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Corus Entertainment posts higher Q2 earnings

Canadian media conglomerate Corus Entertainment showed the benefits of acquiring the former Astral Media assets Historia, Series + and Teletoon as it unveiled its second quarter financial results today.
April 10, 2014

Canadian media conglomerate Corus Entertainment showed the benefits of acquiring the former Astral Media assets Historia, Series + and Teletoon as it unveiled its second quarter financial results today.

The Toronto-based broadcaster posted net income attributable to shareholders at US$5.6 million for the three months to February 28,  against US$5.4 million in the same quarter of 2013.

Revenues were up 11% to US$175.4 million in the latest quarter.

Corus last year took over Teletoon Canada from Bell Media, which includes licences for Teletoon, Teletoon Retro and Cartoon Network Canada, at a cost of US$228.2 million.

Corus bought out the 50% stake in Teletoon that it did not already own, with the other half previously held by Astral Media before it shifted to Bell Media as part of a wider takeover deal.

The broadcaster also acquired Historia and S√©ries+ to get deeper into Canada’s French-language market.

With those new services in hand, Corus reported TV revenue up 15% to US$139.4 million.

The broadcaster’s added advertising revenues rose 17% to US$80.5 million, and subscriber revenues jumped 23% to US$76.5 million, while merchandising, distribution and other revenues fell 32% to US$18.2 million.

Revenues increased for television by 15%, while radio decreased by 2% in the second quarter, compared to the prior year.

From Playback Online

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