Teletoon gain sees Corus Entertainment triple earnings

Higher TV revenues were offset by lower radio revenues as the broadcaster released its first quarter earnings on Tuesday.
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Canadian broadcaster Corus Entertainment on Tuesday reported it has nearly tripled its first quarter earnings after acquiring a 50% stake in Teletoon that it did not already own.

Corus posted a profit of $150.9 million for the three months to Nov. 30, against earnings of $52 million in 2012.

Adjusted earnings for the first quarter came to $55.1 million, after excluding a one-time, non-cash gain of $127.9 million as Corus remeasured to fair value a 50% stake in Teletoon.

Corus acquired 100% control of Teletoon in September 2013.

The broadcaster saw first quarter revenue rise 8% to $226 million, against a year-earlier $210 million.

TV revenues rose 13% to $178 million, while radio revenues fell 8% to $48 million.

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From Playback Daily