Corus posts another dismal quarter, as revenues take a tumble

Corus Entertainment Inc. continued to see drops in television and radio revenue as it released its second quarter numbers for 2025. Radio did, however, show an increased profit. Revenues were $270 million, a decline of 10 per cent from Q2 2024’s $299 million. Television accounted for $251 million, down nine per cent from the previous year’s $278 million. Radio revenues were $18.5 million, compared with $21.4 million a year earlier, a drop of 14 per cent. Television had segment profit of $22.6 million versus the previous year’s $58.9 million, a drop of 62 per cent. Radio, on the other hand, posted $1.43 million in profit, up a whopping 68 per cent from $857,000 a year earlier. Corporate loss was $6.54 million, seven per cent better than 2024’s $7.01 million loss. In the end, total segment profit was $17.5 million, a drop of 67 per cent from 2024’s $52.7 million. “Our television advertising revenue was modestly ahead of our outlook for the second quarter, building on the strength of our programming and audiences. At the same time, we recognize that the industry landscape remains challenging with limited visibility,” said John Gossling, Co-CEO and CFO, in a statement. His fellow CEO found good news in Corus’ over the air network. “Global News has witnessed tremendous gains in viewership, which is not surprising given the increased interest in events south of the border and globally and the impact of the current election cycle,” Troy Reeb told an analysts’ call. “Audiences are embracing Global News as a trusted source of information driving 12 per cent growth in total minutes viewed across both broadcast and streaming platforms.” The company is also optimistic about the performance of two new networks, Home and Flavour, which were launched following the loss of Warner Bros. Discovery programming to Rogers Communications Inc. A free preview for the two channels has just ended and they have performed well in the ratings, the CEOs remarked. Data in the news release stated that 11 million Canadians had viewed the two networks since Dec. 30. READ MORE: - After months of dispute, Rogers & Corus take fight over channel placements, repackaging to Federal Court of Appeal Aravinda Galappatthige, an analyst with Canaccord Genuity Corp. was cautious in his assessment of the numbers. “Corus reported Q2/25 results this morning and the key takeaways for us were 1) a continued weak ad environment and 2) better trends in the new Home and Flavour networks,” he wrote in a note. “While our target remains at zero, we see better prospects around moderating revenue and EBITDA decline rates later in 2026.” Fellow analyst Adam Shine of National Bank was not so hopeful. “Projected values in our NAV are negative, and it's hard for us to ascribe any remaining value for equity holders,” he wrote. “As such, our target reflects a notional value of $0.01/share.” ppark@thewirereport.ca

Corus posts another dismal quarter, as revenues take a tumble

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By Paul Park
| April 11, 2025

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Corus posts another dismal quarter, as revenues take a tumble

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By Paul Park
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