Canadian media conglomerate Corus Entertainment posted year-over-year declines in its Q1 financial results Wednesday, with slight gains in its kids content business and radio advertising offset by sharper decreases in TV ad revenue.
The Toronto-based company posted Q1 revenue of US$332.7 million across its TV assets, 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 dipping 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 on a conference call that Corus-owned animation and distribution arm Nelvana had posted a revenue increase of 24% compared with last year’s Q1. 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 (pictured) ran from 2007 to 2008. More details surrounding the upcoming series will be announced soon.