Radio revenue increased 1% but overall revenue dropped 5% for CORUS ENTERTAINMENT in Fiscal Year 2023 second quarter, with soft advertising sales the culprit.Consolidated revenue dipped 5% to C$343.9 million, with radio rising slightly to C$22.3 million and television falling 5% to C$321.5 million. Radio’s segment profit almost tripled, up 180% to C$350,000. Net income fell 195% to a loss of C$15.4 million (-8 cents/basic and diluted share).”Our second quarter results reflect the impact of current global advertising market conditions on advertising revenue, partially offset by significant growth in our owned content business,” said Pres./CEO DOUG MURPHY. “The ongoing actions we are taking to expand our premium digital video business, with the concurrent expansion of cross-platform monetization capabilities and prudent content investments, are advancing our strategic plan for future profitable growth. We are streamlining our operating model, balancing the near-term realities of current macroeconomic headwinds with long-term value creation as we optimize our asset base. The recent changes to our financial priorities reinforce our commitment to responsible capital allocation while positioning CORUS to emerge in a position of strength when the advertising economy recovers.”The company recently reduced its annual dividend rate to 12 cents per Class B share and 11.5 cents per Class A share.
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