Corus records 172% increase in revenues
Toronto - Corus Entertainment announced record earnings and sales for the sixth consecutive quarter last week. The results were powered by several strategic acquisitions and results from the television operations.
Year-to-date consolidated results for the company that owns numerous radio stations as well as specialty services YTV, CMT, Treehouse and others, pay service Movie Central and animated producer Nelvana, included a 172% increase in revenues to 252.2 million and a 135% increase in EBITDA to $63.3 million.
The gains in revenue and EBITDA include the addition of operating results from a number of acquisitions including 29 radio stations (acquired from WIC and Power Broadcasting), Nelvana Limited, and Corus Premium Television. Continued growth in digital television subscribers, exceptionally strong performance from pay television, a booming Alberta economy, and a growing market for radio airtime on Corus' popular Toronto stations all helped to boost company earnings.
Company events during the latest quarter include: Corus sold its 50% interest in The Family Channel for cash to Astral Media for $126.9 million; Corus reached an agreement to acquire the Women's Television Network (WTN) from Moffat Communications for $205 million (pending regulatory approval). Corus also announced that it would sell its Western Canadian Viewer's Choice Pay-Per-View service to Shaw Communications for $35 million subject to CRTC approval.
The company also announced a management realignment in its Television Division to address the continued growth in specialty television operations. Susan Ross was appointed vice-president and general manager of Children's Television while Bryan Ellis expanded his role as group v-p for Television to include all adult-targeted conventional and specialty television services, in addition to DMX Commercial and Digital ADventure. On March 28, 2001 Corus announced it will acquire an additional 30.5% of Telelatino, bringing Corus' total interest to 50.5%, subject to CRTC regulatory approval.
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