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Corus Entertainment beats profit estimates on TV strength

April 05, 2019 / Reuters

Canadian media company Corus Entertainment Inc beat analysts’ estimates for quarterly profit on Friday, driven by a jump in television advertising revenue.Advertising revenue increased 11 percent in the television business, helping a 5 percent rise in the unit’s revenue to C$353.5 million ($264.5 million) in the second quarter ended Feb. 28. The company’s television business houses brands such as Nelvana and Global Television and Corus has been investing to develop original content to attract the so-called cord-cutters who shun the traditional cable bundle and opt for cheaper online streaming platforms such as Netflix Inc. Excluding items, the company earned 7 Canadian cents per share, beating analysts’ average estimate of 5 Canadian cents per share, according to IBES data from Refinitiv.Net income attributable to shareholders fell to C$6.3 million, or 3 Canadian cents per share, in the second quarter ended Feb. 28 from C$40 million, or 19 Canadian cents per sha...