TV, radio revenues up at Corus

The media company's first quarter report shows subscriber and ad revenues both posting gains.

Ad sales momentum at Corus Entertainment has gathered pace, as the radio and TV broadcaster posted first quarter revenues up 8% to $240.7 million on Tuesday.

At the same time, Corus saw its earnings to Nov. 30 fall to $46.2 million, against $73.9 million in 2009 when the broadcaster posted one-time profit gains, including a $16.2 million reversal of regulatory fees and a $14.2 million recovery due to income tax rate changes.

On the revenue side, subscriber revenues jumped 9% and ad revenue 8% during the latest quarter.

TV revenues increased by 11% and radio revenues, an underperformer during the 2009 ad industry downturn, increased by 3% in the quarter.

‘Our advertising sales momentum continued in our first quarter and, in combination with our cost control initiatives, we delivered double digit segment profit growth,’ John Cassaday, president and CEO of Corus Entertainment, said ahead of an analyst call slated for Tuesday afternoon.

From Playback Daily