Corus Fiscal Q3 Revenues Jump With Shaw Media/Global Acquisition, Radio Not So Much
July 13, 2016 at 4:40 AM (PT)
CORUS ENTERTAINMENT consolidated revenues jumped 78% to C$360,824,000 for fiscal 2016 third quarter, boosted by the closing of the acquisition of SHAW MEDIA, INC. Radio, however, fell 2% to C$39,648,000. While TV segment profit from the addition of SHAW's GLOBAL network and 19 cable channels soared 100%, radio segment profit rose 2% to C$9.665 million. The company went from a net profit of C$128 million to a loss of C$16 million, and adjusted profit was cut in half from C$116 million to C$53 million (a loss of 10 cents/basic and diluted share, C$0.34/share on an adjusted basis).
"This quarter marks an exciting milestone in our transformation, as we report the combined results of the new CORUS for the first time," said Pres./CEO DOUG MURPHY. "We are pleased with the tremendous progress made by our talented and committed team as they move quickly to realize the benefits of our new scale and maximize cost synergies. Moving forward, our focus will be on the pursuit of revenue and cost synergies, strong execution on integration and advancing our strategic priorities, which will deliver value to our shareholders over the longer term."
CORUS, which began as a spin-off of radio and television properties from SHAW COMMUNICATIONS in 1999, closed on the SHAW deal on APRIL 1st; it spun off WESTERN CANADA premium channels MOVIE CENTRAL and ENCORE AVENUE to BELL MEDIA and SHAW COMMUNICATIONS took a 39% stake in the expanded CORUS while buying mobile carrier WIND.