Corus posts revenue, profit declines in Q1 financials

Slight overall gains in its kids content business and radio advertising were offset by sharper declines in TV ad revenues.
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Corus Entertainment posted year-over-year declines in its Q1 financial results Wednesday, with slight gains in its kids content business and radio advertising being offset by sharper declines in TV ad revenues.

Combined ad revenues for the Toronto-based media company’s TV and radio businesses fell by 4% to $312.2 million, from $323.4 million a year ago.

It posted overall quarterly revenues of $415.5 million across its TV assets, down 2% from $425.6 million at the same period last year, while revenues in its radio business remained flat at $41.9 million, down slightly from $42.4 in Q1 last year.

Overall, segment revenues fell to $457.4 million, from 467.9 million a year ago.

Consolidated profits across the TV and radio business fell more sharply, with TV profits dipping 9% to $168.6 million, from $184.4 million in Q1 of 2017. Radio profits, however, increased by 2% to $13.5 million, up from $13.3 million for the same period last year.

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