Corus posts another quarter of revenue, profit loss; employee costs down 7%

Corus Entertainment Inc. reported losses in revenue and profit for the third quarter of fiscal 2025. The broadcaster said Thursday, June 26 that revenue dropped by 10 per cent in the third quarter of 2025 compared to the same quarter in 2024, while profit dropped by nine per cent. Total revenue for the quarter ended May 31 was $297.8 million, down from $331.8 million. Television revenue was down 11 per cent to $274.5 million from nearly $308.2 million and radio revenue was $23.2 million, virtually unchanged from $23.6 million a year prior. TV advertising revenue saw the steepest drop in that segment, down 15 per cent to $150.9 million from $178.1 million. Speaking about advertising, “our reliance on linear is definitely putting us in a tougher spot,” said John Gossling, who became solo-CEO at Corus earlier this month after the company decided to revert back to one leader. Gossling’s previous co-CEO Troy Reeb “decided to pursue opportunities outside of the company,” it said. TV subscriber revenue dropped as well, down to $111 million from $116.9 million or five per cent year-over-year. Total profit was down to $61.6 million from $67.5 million. Radio profit nearly doubled, going from $2.6 million to $5 million. That was not, however, enough to make up for the 75 per cent corporate loss in the quarter compared to Q3 2024, dropping to a loss of $6.1 million compared to the $3.5 million corporate loss a year prior. TV profit was down eight per cent, to $62.6 million from $68.4 million. “Employee costs” dropped by seven per cent during the quarter due to lower labour costs, the company said in financial documents. Free cash flow for the quarter was $32.5 million in the red, down 276 per cent from $18.4 million in Q3 2024. The company’s net debt to segment profit was 5.39 times as of May 31, up from 3.84 times as of Aug. 31, 2024, as a result of the drop in segment profit, it reported. While it is not yet fully clear what difference money from the Independent Local News Fund might make for the company’s Global TV channels, which were recently deemed eligible for the cash by the CRTC, analysts heard Thursday that Corus is looking forward to seeing its impact. Meanwhile, last week, Corus argued to the CRTC that Canadian programming services face structural disadvantages compared to vertically-integrated broadcast distribution undertakings and foreign streamers. “In the past, broadcast distribution arrangements were often mutually beneficial,” Gossling said during his remarks to the commission panel considering market dynamics in the broadcasting sector. “Parties engaged in tough commercial negotiations, but they understood they needed one another, and generally came to equitable terms. And viewers ultimately benefited from natural competition and ample choice. Unfortunately, that equitable and fair partnership model is a thing of the past.” Corus also supported maintaining the CRTC’s undue preference and standstill rules, which have been at the centre of a dispute over channel placements and repackaging between it and Rogers Communications Inc. hdaley@thewirereport.ca With files from The Wire Report’s archives.

Corus posts another quarter of revenue, profit loss; employee costs down 7%

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By Hannah Daley
|June 26, 2025

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Corus posts another quarter of revenue, profit loss; employee costs down 7%

Broadcast | By Hannah Daley |June 26, 2025

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