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Corus Entertainment reports fourth-quarter profit up from year ago

Corus Entertainment reports fourth-quarter profit up from year ago
Business
The media company said its profit attributable to shareholders totalled $28.9 million or 14 cents per diluted share for the three months ended Aug. 31.

That compared with a profit of $25,000 or zero cents per share in the same period a year earlier.

On an adjusted basis, Corus said it earned $43.9 million or 22 cents per share in its latest quarter, up from an adjusted profit of $14.5 million or seven cents per share a year ago.

Revenue totalled $381.2 million, down from nearly $384.5 million a year ago.

On Tuesday, Corus announced a deal to sell French-language specialty channels Historia and Series+ to Bell Media for $200 million.

“As we reviewed our portfolio of assets this year, we determined that while Historia and Series+ are excellent channels, they are not core to advancing Corus’ strategic priorities at this time,” Corus chief executive Doug Murphy said in a statement.

“Furthermore, the increased financial flexibility this transaction provides will enable Corus to accelerate our transformation into an industry-leading integrated media and content company.”

The sale requires approval by the CRTC and the Competition Bureau.

Corus owns 45 specialty television services, 39 radio stations and 15 conventional television stations as well as other assets.
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