Corus posts higher Q3 revenue and earnings

A recovering TV ad industry continues to lift the broadcaster.
Loonie

Specialty TV ad growth helped lift Corus Entertainment to higher third quarter earnings, the mediaco reported Thursday.

The Toronto-based broadcaster posted earnings of $39.2 million for the three months to May 31, against a profit of $28.3 million in the same quarter of 2010.

Third quarter revenue rose 7% to $211.8 million, with TV revenue rising to sharply to $161 million, against a year-earlier $147 million, offsetting a slight fall in radio revenue to $50.7 million, compared to $51.3  million in 2010.

The continuing TV ad industry recovery benefited Corus, with air-time sales of $104.4 million during the latest quarter, against $99.7 million in 2010.

And subscriber fees also rose to $76.1 million during the third quarter, against a year-earlier $72.3 million.

From Playback Daily