TV Advertising Recovery Boosts Corus Ent Earnings
The western Canadian broadcaster of Game of Thrones and Boardwalk Empire continues to benefit from an improving TV ad market as it posted higher third quarter earnings and revenue.
TORONTO – A continuing pick-up in advertising spending has boosted profits at Corus Entertainment.
The Toronto-based broadcaster saw third quarter earnings rise sharply to $39.2 million, compared to a profit of $28.3 million in 2010, on total revenue up 7 percent to $211.8 million during the three months to May 31.
Cord cutting? An improving Canadian economy helped the owner of cable channels like YTV and W and the pay TV network Movie Central boost subscriber fee revenue to $76.1 million, against a year-earlier $72.3 million.
HBO Canada, a multiplex channel aligned with Movie Central, has also drawn new subscribers for popular HBO series like Game of Thrones, True Blood and Boardwalk Empire.
Corus also saw advertising revenue rise to $104.3 million, compared to $99.7 million in 2010.
And overall cable, kids TV channel and pay TV revenue came to $161 million, against a year-earlier $147 million.
Elsewhere, radio division revenue was just off at $50.7 million, compared to $51.3 million in 2010.