$2.6B deal for Shaw hikes profit for Corus
Canadian company acquired Global TV, specialty channels
Corus Entertainment Inc. had a $66.7-million profit in its third quarter, as last year’s acquisition of the Global TV network and a host of specialty channels helped boost revenue.
The Toronto-based company had $461.6 million of revenue for the three months ending May 31.
That’s up from $360.8 million in last year’s fiscal third quarter, when Corus completed the purchase of Shaw Media through a $2.65 billion deal that closed April 1, 2016.
If Corus had owned Shaw Media for last year’s entire third quarter, revenue would have been up three per cent.
Corus says this year’s fiscal third quarter had 33 cents per share of net income or 35 cents per share after adjustments.
During the comparable period last year, Corus had a net loss of $15.8 million or 10 cents per share.