Corus Entertainment reports $15.5M Q2 loss, revenue down from year ago
By The Canadian Press on April 13, 2023.
TORONTO – Corus Entertainment Inc., the parent company of Global Television, reported a loss in its latest quarter compared with a profit a year ago, as its revenue fell five per cent. The television and radio broadcaster says its loss attributable to shareholders was $15.5 million or eight cents per diluted share for the quarter ended Feb. 28 compared with a profit of $16.2 million or eight cents per diluted share a year earlier. Revenue in what was the company’s second quarter totalled $343.9 million, down from $361.7 million in the same quarter last year. Corus chief executive Doug Murphy says the results reflect the impact of current global advertising market conditions on advertising revenue, partially offset by significant growth in its owned content business. The company says its overall television revenue totalled $321.5 million, down from $339.7 million a year ago, as the advertising segment fell to $169.1 million from $184.7 million and subscriber revenue slipped to $124.1 million from $132.8 million. Distribution, production and other revenue in its television business rose to $28.4 million from $22.1 million. Radio revenue totalled $22.3 million, up from $22.0 million in the same quarter last year. This report by The Canadian Press was first published April 13, 2023. Companies in this story: (TSX:CJR.B) 9-8
