Revenues up at Astral, Corus

The mediacos both released Q2 reports today, reflecting an improving economy with ad and subscriber growth.

An improving economy continues to lift advertising and subscriber growth at Canadian specialty and pay TV operators.

Corus Entertainment, releasing its second quarter financial results Thursday, reported earnings up strongly to $27.4 million, against a profit of $14.2 million in 2010, on overall revenue up 8% to $191.1 million.

‘Strong advertising and subscriber revenue growth continued in the second quarter. Coupled with our cost containment initiatives, we delivered double digit segment profit growth in both our radio and television divisions, demonstrating the power of operating leverage,’ Corus CEO John Cassaday said Thursday in a statement.

The broadcaster also reached the one million milestone in paid pay TV subscribers at its Movie Central service, and launched OWN Canada on March 1.

Rival Astral Media also saw its earnings and total revenue line expand on increased ad sales.

Montreal-based Astral saw earnings grow 3% to $34.7 million, compared to a profit of $33.6 million in 2010, on revenue rising 7% to $232 million.

Astra’s TV revenue increased to $138.9 million, against a year-earlier $129.4 million, while radio revenue rose from $74 million in 2010 to $76.3 million during the latest frame.

The broadcaster also grew its pay TV subscriber base by 5% to just over 1.9 million Canadians for The Movie Network and Super Écran services.

Astral president and CEO Ian Greenberg in a statement said the broadcaster had benefitted ‘from an improved economic landscape’ during the latest second quarter.

From Playback Daily