Rogers posts media gains in Q1

The telco also posted a 6% bump in overall profits, thanks in part to $26 million gain in its media business.

Copied from Media in Canada - MoneyYear-over-year revenues and profits were up for Rogers Communications as growth in its wireless service and increases in sports-related revenues contributed to Q1 growth.

In its media business, Rogers posted Q1 revenues of $474 million, up from $448 million in the same period last year. The company attributed the growth to increases in sport-derived revenues, including its distribution deal with Major League Baseball and higher Sportsnet subscription revenue.

Across the entire company, revenue was up by 3% to $3.34 billion for the quarter, compared with $3.25 billion the previous year, largely driven by wireless service revenue growth of 7%.

Meanwhile, cable revenues for the three months ending March 31 were flat (at $392 million), as declines in TV and phone were offset by internet revenue growth of 8%.

Incoming president and CEO Joe Natale joins the company Wednesday to coincide with the company’s annual meeting. Natale, the former president and CEO of Telus, replaces former president Guy Laurence, who announced he was stepping down from the role in October 2016.