- Share this article on Facebook
- Share this article on Twitter
- Share this article on Email
- Show additional share options
- Share this article on Print
- Share this article on Comment
- Share this article on Whatsapp
- Share this article on Linkedin
- Share this article on Reddit
- Share this article on Pinit
- Share this article on Tumblr
TORONTO — Surging radio and TV revenue lifted Astral Media to higher third-quarter earnings, the Canadian broadcaster said Thursday, good news as it gets set to buy rival Standard Radio for CAN$1.1 billion ($1.04 billion).
Montreal-based Astral posted CAN$35.9 million ($34.1 million) for the three months ending May 31, compared with a profit of CAN $33.2 million in 2006.
Revenue came to CAN$169.3 million ($161.2 million), compared with a year-earlier CAN$156.2 million, as Astral saw business grow across its core TV, radio and outdoor advertising divisions.
TV revenue came to CAN$122.3 million ($166.5 million), against CAN$111.4 million in 2006, as TV subscription revenue increased by 9% and advertising revenue jumped 13%. Radio station revenue rose 5% to CAN$34.4 million, against a year-earlier CAN$33.1 million, and is set to grow more when Astral acquires Standard Radio from Toronto’s Slaight family as part of a friendly takeover. The deal is awaiting regulatory approval.
Astral’s outdoor advertising division saw revenue climb 8% to CAN$12.5 million ($11.9 million), from a year-earlier CAN$11.5 million.
Astral CEO Ian Greenberg told analysts during a conference call that, despite the pending Standard Radio deal, his company was still on the acquisitions hunt. “Do we still have an appetite? The answer is yes,” Greenberg said.
Sign up for THR news straight to your inbox every day
The Hollywood Reporter
saturday night live