TORONTO — The sale of high-tech assets gave a multimillion dollar boost to Corus Entertainment’s second quarter results, posted Tuesday.
For the second quarter ended Feb. 29, the Toronto-based TV and radio company posted a healthy net income of C$67.8 million ($45.7 million) on revenues of $27.9 million — a huge jump over net income of $623,000 on revenues of $24.5 million in the year earlier period. The net income figure included a hefty pre-tax gain of $71 million from the sale of the company’s interest in Liberty Digital.
Great leap forward
For the six-month period, the company posted a net income of $52.5 million on revenues of $62.5 million, another great leap from the net income of $3.4 million on revs of $54.5 million for the same period in 1999. In addition to the gain from Liberty Digital, the six month figures also reflect the disposal of Corus’ interest in Headline Sports TV Network.
During the quarter, the company took over Shaw Communications’ 8.4% interest in CTV, bringing its interest in the company to 9.74%. (Corus began life as a spinoff of cabler Shaw’s media assets, and both companies are controlled by the Shaw family.)