Corus Entertainment Revenue, Profit Down in Q4

TORONTO: Profit slipped at Corus Entertainment for the fourth quarter, with a lag in ad revenues for specialty TV networks, such as the YTV, Nickelodeon and Treehouse brands.

In the company’s TV segment, Specialty advertising revenues decreased 10 percent in Q4 2015 and 6 percent for the year. Subscriber revenues decreased 1 percent in Q4, but increased 2 percent for the year. Segment profit decreased 8 percent in the fourth quarter and 5 percent for the year.

Overall, across TV, radio and corporate, the company posted record free cash flow of $201.2 million, up 15 percent for the fiscal year. Consolidated revenues were down 4 percent for the quarter and down 2 percent for the fiscal year.

“We were very pleased to deliver record‐breaking free cash flow and maintain our margins this year, despite soft advertising revenues,” said Doug Murphy, the president and CEO of Corus Entertainment. “This is an exciting time for us. Our newly appointed Executive Leadership Team is fully focused on the successful execution of our strategic priorities, which are driving our transformation from a traditional broadcaster to an integrated media and content business. Though we are still in the early stages, we are confident that we have the right strategies in place and pleased with our progress to date. The optimization of our premium portfolio of Kids brands, with the successful launch of Disney Channel (Canada) and rollout of our suite of innovative TV Everywhere apps, represents the first in a series of strategic steps we are taking to return the Company to growth.”