TORONTO — Corus Entertainment’s consolidated revenue increased 8% year-over-year to $433.5 million in the third quarter of 2022 compared to the same quarter of 2021, the company reported today.
The company’s consolidated segment profit, however, decreased 5% to $123.7 million for the three months ended May 31, 2022, from a consolidated profit of $130.7 million reported for the same three-month period in 2021.
Looking at Corus’ television and radio segments separately, its TV business saw revenue increase 6% to $404.1 million in Q3 2022 compared to the same quarter of 2021, and its radio segment enjoyed 27% growth in revenue to $29.3 million compared to Q3 2021.
Corus’ TV segment profit fell 9% year-over-year to $127.5 million in Q3 2022, but its radio profit jumped 341% to $5.7 million when compared to the third quarter of 2021.
Corus’ overall net income attributable to shareholders was $29.6 million for Q3 2022, representing a 27% decrease from its net income of $40.7 million for the same quarter in the year prior.
“Our portfolio of businesses is producing growth on all fronts, delivering strong consolidated revenue gains for the fifth consecutive quarter,” said Doug Murphy, president and CEO of Corus Entertainment, in a press release announcing the company’s Q3 2022 financial results.
“The diversity and resiliency of our business is evident with these results, as we benefit from multiple revenue initiatives including organic investments to further expand our digital business, grow our streaming product offering and build out our original content slate in pursuit of international content licensing opportunities. We have unveiled yet another strong fall schedule that once again secures our foothold as Canada’s home of leading entertainment and lifestyle programming.”
Operational highlights for the third quarter of 2022, as noted in the press release, include the company’s Corus Studios announcing “its largest U.S. output deal ever with streaming platform Hulu” in April.
After the quarter ended, Corus and Paramount Global announced free ad-supported streaming television service Pluto TV will be launching in Canada this fall and Corus revealed its 2022-23 programming lineup across its portfolio of networks, including Global TV, during its 2022 upfront presentation.
