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Despite Nelvana gains, Corus posts revenue drop

Gains in its kids content business were offset by sharper TV ad declines at the Canadian company, which has announced an upcoming Bakugan Battle Brawlers revival.
January 10, 2018

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.

From Playback.

 

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