The Globe and Mail's James Bradshaw writes:
"Corus Entertainment Inc. weathered another tough stretch for television advertising to report higher second-quarter revenue, beating expectations thanks in part to the launch of new specialty TV channels under the Disney name.
"Corus Entertainment Inc. weathered another tough stretch for television advertising to report higher second-quarter revenue, beating expectations thanks in part to the launch of new specialty TV channels under the Disney name.
"The results mark the last time Corus will announce earnings separately from the Shaw Media assets it purchased for $2.65-billion from Shaw Communications Inc. The deal closed April 1 and the two businesses are now being combined, with a revamped executive team rolling out a plan that will include cost cutting and job losses but is also expected to make Corus more competitive in a shifting media landscape.
"The second-quarter performance, which saw revenue from the company’s TV business rise 5.3 per cent, represents a relative bright spot for Corus, which endured a difficult 2015 that saw its stock price virtually halved and a turbulent start to 2016 as an activist shareholder, Catalyst Capital Group Inc., publicly contested its deal with Shaw. The purchase proceeded with 78.5-per-cent support from minority shareholders, and Corus is now projecting modest growth in the coming quarters as it adjusts to its new scale."
"The second-quarter performance, which saw revenue from the company’s TV business rise 5.3 per cent, represents a relative bright spot for Corus, which endured a difficult 2015 that saw its stock price virtually halved and a turbulent start to 2016 as an activist shareholder, Catalyst Capital Group Inc., publicly contested its deal with Shaw. The purchase proceeded with 78.5-per-cent support from minority shareholders, and Corus is now projecting modest growth in the coming quarters as it adjusts to its new scale."
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