Corus reports drop in Q2 earnings; Astral shows profit
Corus Entertainment, which owns news talk stations like CKNW and AM640, showed an 11 per cent decrease in revenue. Meanwhile, Astral recorded its 66th consecutive quarter of profit.
By Tamara Baluja
Corus Entertainment, which owns news talk stations like CKNW and AM640, showed an 11 per cent decrease in revenue. Revenue totalled $183.7 million, down from $205.7 million, with both its television and radio revenues showing declines.
The company reported radio revenues fell by 5 per cent in the second quarter from the prior year.
“The second quarter business results were soft, as expected, but we were able to end the first half of the year with significant increases in year‐to‐date free cash flow and improved margins,” said Corus Entertainment president and CEO John Cassaday in a statement.
[node:ad]Meanwhile, Astral recorded its 66th consecutive quarter of profit after announcing it had $41.2 million in consolidated net earnings in its second quarter, up eight per cent.
The Montreal-based company wants the CRTC to approve its deal to be purchased by BCE Inc. A public hearing will be held in Montreal on May 6 to consider the new acquisition deal.
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Tamara Baluja is an award-winning journalist with CBC Vancouver and the 2018 Michener-Deacon fellow for journalism education. She was the associate editor for J-Source from 2013-2014.