Corus Entertainment reports Q2 profit down from year ago as revenue edges higher

TORONTO – Corus Entertainment Inc. reported its second-quarter profit fell compared with a year ago as its revenue edged higher.

Corus CEO Doug Murphy says the results reflect strong subscriber revenue gains and a recovery in its radio business, offset primarily by lower timing-related content licensing revenues.

The television and radio broadcaster says its net income attributable to shareholders totalled $16.2 million or eight cents per diluted share for the quarter ended Feb. 28, down from $35.3 million or 17 cents per diluted share a year earlier.

Revenue for the three-month period totalled $361.7 million, up from $358.9 million.

On Thursday, Corus announced what it called its largest U.S. distribution deal ever with streaming service Hulu.

The multi-year agreement includes over 400 episodes of lifestyle, renovation, unscripted and crime programming.

This report by The Canadian Press was first published April 8, 2022.

Companies in this story: (TSX:CJR.B)