Corus Entertainment annual revenue rises above $1 billion for first time

TORONTO – Corus Entertainment reported more than $1 billion of annual revenue for the first time, thanks in part to its acquisition of Shaw Media.

The Toronto-based company (TSX:CJR.B) described its 2016 financial year, which ended Aug. 31, as “transformational.”

The enlarged television and radio company reported a profit of $125.9 million or 96 cents per diluted share for its latest financial year.

That compared with a loss of $25.2 million or 29 cents per share in the previous year.

Revenue totalled $1.17 billion, up from $815.3 million.

“This has been a transformational year for Corus as we build a leading integrated media and content company with competitive scale to drive growth over the long term,” Corus chief executive Doug Murphy said in a statement.

“Our talented team is focused on advancing our strategic priorities while securing our cost synergies and executing our integration plan to position Corus well for 2017 and beyond.”

Corus acquired Shaw Media for $2.65 billion in cash and stock earlier this year.

Corus was spun off as a separate company from the Shaw Communications group in the late 1990s and its shares have been listed on the Toronto Stock Exchange since September 1999. However, both companies remain controlled by the founding Shaw family.