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 Séries+ 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