TV and radio broadcaster Corus Entertainment reports Q1 revenue up 10% from year ago

TORONTO — Corus Entertainment Inc. reported its first-quarter profit edged lower compared with a year ago as its revenue grew 10 per cent.

The television and radio broadcaster says it earned net income attributable to shareholders of nearly $76.2 million or 36 cents per diluted share for the quarter ended Nov. 30.

The result compared with a profit of nearly $76.7 million or 37 cents per diluted share in the same quarter a year ago.

Revenue totalled nearly $463.9 million, up from almost $420.4 million in the same quarter a year earlier for the company behind Global Television, W Network, HGTV Canada, Food Network Canada and other specialty television services, radio stations and conventional television stations. 

Corus chief executive Doug Murphy says television revenue in the quarter surpassed pre-pandemic levels, helped by the strength of Global TV’s fall schedule and robust advertising demand.

Television revenue grew to $434.7 million, up from $392.1 million a year ago, while radio revenue came in at $29.1 million, up from nearly $28.3 million.

This report by The Canadian Press was first published Jan. 13, 2022.

Companies in this story: (TSX:CJR.B)

The Canadian Press