Corus Entertainment has delivered first quarter results, reporting a consolidated revenue increase of 10% for the quarter, while consolidated segment profit decreased 1%. The company reported net income attributable to shareholders of $76.2 million ($0.37 per share basic) for the quarter and free cash flow of $80.0 million in Q1, compared to $62.4 million in the prior year quarter. The increase is attributed to higher net income from operations of $34.5 million, and a return of capital on a venture investment of $43.5 million, offset by higher payments for program rights and film investments in the current year. Television revenue was up 11% year-over-year in the quarter, while radio revenues increased 3% over the same period in 2020. Advertising in the quarter was up 16% year-over-year. As of Jan. 10, the company reached a new milestone of 725,000+ paying subscribers to its STACKTV, Nick+ and other streaming platforms, up from approximately 675,000 paying subscribers in Oct. 2021. Corus is planning to expand STACKTV to Rogers Ignite TV and Rogers SmartStream platforms, marking the first time STACKTV will be offered as a stand-alone streaming bundle through a traditional distribution partner.
Cogeco has announced financial results for the first quarter of 2022 ended Nov. 30. Revenue increased by 15.3% year-over-year to reach $745.3 million. On a constant currency basis, revenue increased by 18.0%, buoyed by American broadband services revenue which increased by 31.0% in constant currency mostly resulting from the Ohio broadband systems acquisition completed in September and a higher Internet service customer base. Canadian broadband services revenue increased by 8.2% mainly as a result of the DERYtelecom acquisition completed in Dec. 2020. Media revenue decreased by 2.6%, due to radio advertising continuing to be directly impacted by certain segments of the retail industry reducing or cutting advertising activities due to COVID-19. Cogeco also notes that listening hours continue to be negatively impacted by the pandemic with less time spent commuting in cars.
Rogers Sports & Media is continuing to amplify equity-deserving charities and small businesses with the launch of its All IN 2022 initiative. Applications are now being accepted until Feb. 13 at AllInForEquity.ca. In its inaugural All IN campaign last year, which received more than 550 submissions, Rogers Sports & Media created five customized partner campaigns with 17,000 ads airing across its suite of assets resulting in 63 million impressions for its partners. Due to the overwhelming interest from the applicant pool in 2021, Rogers Sports & Media profiled an additional 200 businesses owned by women, LGBTQ2S+, Indigenous, Black, people of colour, and persons with disabilities, and awarded 26 BIPOC scholarships and mentorships across Sportsnet, Cityline, and OMNI Television.
RTDNA Canada has opened nominations for its Lifetime Achievement Awards, presented to individuals who have distinguished themselves through outstanding service and continued excellence during the course of their careers in broadcast and digital journalism. If you know a person who has shown excellence during the course of their career, nominate them by filling out this form. The deadline for nominations is Friday, March 11.
