Radio Rises But Overall Revenues Fall For Corus In Fiscal First Quarter

FY 23 Q1 Results

While overall revenue at CORUS ENTERTAINMENT fell 7% year-to-year to C$431.2 million for fiscal 2023 first quarter, radio revenue rose 2% to C$29.7 million while television revenue dropped 8% to C$401.5 million. Radio saw its segment profit grow 5% to $6 million, compared to the TV division falling 26% to C$131.8 million. Net income attributed to shareholders plummeted 59% to C$31.4 million, while free cash flow fell 74% to C$20.8 million.

"While we navigate the recent macroeconomic headwinds, CORUS remains steadfast in our pursuit of long-term growth for the business," said Pres./CEO DOUG MURPHY. "Our recent launch of PLUTO TV with PARAMOUNT GLOBAL redefines the FAST-channel business in CAMADA. We have bolstered the value proposition of STACKTV with the addition of our suite of DISNEY channels. Our owned content business is gearing up for a significant increase in episodic deliveries in the year ahead. Importantly, we have implemented a rigorous cost review to address recent revenue weakness while remaining focused on advancing our strategic plan and priorities."

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