Corus Entertainment gets Q2 profit boost from sale of pay television assets

TORONTO – Corus Entertainment (TSX:CJR.B) says it had $102.2 million of net income in its fiscal second quarter — helped by a gain from the sale of its pay television group.

The Toronto-based media company’s net profit amounted to $1.17 per share.

That included $86.2 million or 87 cents per share from the sale of the pay television group.

Excluding that and $6 million of integration and restructuring charges, Corus had adjusted net income of $20.9 million or 24 cents per share during the three months ended Feb. 29.

Revenue was $197.7 million, up three per cent from a year earlier.

In last year’s second quarter, Corus had a net loss of $85.86 million or $1.01 per share, mostly because of writedowns of some of its acquired assets. Its adjusted net income was $28.5 million or 33 cents per share. Revenue was $191.5 million.

During the quarter, Corus announced that it planned to buy Shaw Media — which owns specialty TV channels and the Global television network — for $2.65 billion of cash and shares. That deal didn’t close until April 1, in the company’s third quarter.