Consumer Products

Revenue, profit up for Corus in Q3

Subscriber gains in its TV business, as well as growth in Nelvana sales, helped the Canadian company post consolidated revenue of US$350 million in its third quarter.
June 27, 2017

Canadian media conglomerate Corus Entertainment reported consolidated revenue of US$350 million in its Q3 financial report, driven in part by subscriber gains in its TV division.

The company’s financials for the three months ended May 31 showed a year-over-year revenue increase of 28% (compared to US$273.8 million in Q3 of 2016). Year-over-year profit, meanwhile, increased by 35% to US$133.4 million. On a pro-forma basis (factoring in the acquisition of Shaw Media’s assets), Corus revenue was up 3% and profit up 14% year over year.

In its TV division, Q3 profit increased by 34% to US$130 million. On the TV ad front, profit was up 33% in Q3 2017, but remained flat on a pro-forma basis.

Subscriber revenue was also up 26% in Q3 (4% on a pro-forma basis), driven in part by sub increases on various Corus-owned Disney channels and increases in wholesale fees under certain carriage agreements, according to a report from RBC Capital Markets’ Drew Reynolds.

Elsewhere in Corus’ TV division, merchandising, distribution and other revenues increased by 47%, due in part to revenue from Nelvana and its various merchandise lines. TV ad revenue, meanwhile, remained flat in the period.

The report comes on the heels of Nelvana-produced toon Ranger Rob (pictured) receiving a second-season greenlightOn Corus-owned Treehouse, the show’s 13-episode first season was the highest-rated series last fall, according to Numeris data provided by Corus. 

From Playback.

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