Teletoon gain has Corus Entertainment triple earnings by Etan Vlessing
Jan 14, 2014
Canadian broadcaster Corus Entertainment on Tuesday reported it has nearly tripled its first quarter earnings after acquiring a 50% stake in Teletoon that it did not already own.
Corus posted a profit of $150.9 million for the three months to Nov. 30, against earnings of $52 million in 2012.
Adjusted earnings for the first quarter came to $55.1 million, after excluding a one-time, non-cash gain of $127.9 million as Corus remeasured to fair value a 50% stake in Teletoon.
Corus acquired 100% control of Teletoon in September 2013.
The broadcaster saw first quarter revenue rise 8% to $226 million, against a year-earlier $210 million.
TV revenues rose 13% to $178 million, while radio revenues fell 8% to $48 million.