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 greenlight. On Corus-owned Treehouse, the show’s 13-episode first season was the highest-rated series last fall, according to Numeris data provided by Corus.