Ad sales boost Corus' third quarter
TORONTO -- Canadian broadcaster Corus Entertainment on Tuesday posted higher third-quarter earnings on strong ad sales in radio and television.
Toronto-based Corus saw earnings for the three months through May 31 climb to CAN$29.6 million ($28.1 million), compared with a profit of CAN$23.2 million in 2006.
Revenue rose 9% to CAN$197.6 million ($188 million), against a year-earlier CAN$181.5 million, as combined radio and TV revenue jumped 7% during the latest quarter and the combined segment's profit rose 11% during the same period.
"We enjoyed another solid quarter with strong ad sales in radio and television," Corus CEO John Cassaday said.
On the TV side, Corus saw quarterly revenue increase 9% to CAN$109.2 million ($104 million), while radio revenue rose 4% to CAN$74.8 million ($71.2 million).
Nelvana, the Canadian cartoon producer owned and operated by Corus, saw its own revenue jump 34%, to CAN$14.6 million ($13.9 million), during the latest quarter.
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