TORONTO - Corus Entertainment is pulling the plug on its Discovery Kids channel effective November 1st, the company told investors Tuesday morning.
Corus president and CEO John Cassaday said that the company will also replace diginet Sex TV with W Movies early next year, and will re-brand its Drive-In Classics movie channel. He did not provide details on a timeline or new name for Drive-In Classics.
The news comes a day after the media and entertainment company announced plans to bring the Nickelodeon brand to Canada later this year. A Corus representative told Cartt.ca that Nick will not be a replacement for Discovery Kids, but will instead be its own separate and distinct digital channel.
Industry sources have told Cartt.ca that Nickelodeon will most likely be included in some BDUs’ digital basic packages, which will help get it to its projected 2.4 million subs in a hurry.
Cassaday said that the moves were all part of a plan that has “set the table for strong growth.”
“For fiscal year 2010, we are targeting consolidated segment profit of $255 to $270 million, which is a reflection of our optimistic outlook for both the economy in which we will operate, and the plans we have in place at Corus," he said in a statement. Cassaday also projected that free cash flow would range from $10 to $20 million.
The company is scheduled to move in to its new ‘Corus Quay’ location in Toronto’s waterfront area by spring.
- Lesley Hunter