Corus Entertainment says advertising revenue declines as company reports Q4 earnings

By The Canadian Press on October 27, 2023.

TORONTO – Corus Entertainment Inc. reported a net income attributable to shareholders of $50.4 million in its latest quarter, a turnaround from its net loss of $367.1 million in the fourth quarter of last year.

The television and radio broadcaster says its profits amounted to 25 cents per diluted share for the quarter ended Aug. 31, compared with a loss of $1.82 cents per diluted share in the same quarter last year.

Revenue totalled $338.8 million for the company’s fourth quarter, down slightly from $339.6 million a year earlier.

But on an adjusted basis, Corus says it recorded a loss of four cents per share for the quarter, compared with a loss of eight cents per share in the same quarter last year.

The company says revenues for the year decreased as a result of declines in almost all advertising categories as well as subscriber revenues, which was partially offset by an increase in distribution, production and other revenue.

The company says it is awaiting a decision from the CRTC in response to its application earlier this month asking the regulator to ease some Canadian content spending requirements.

This report by The Canadian Press was first published Oct. 27, 2023.

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

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