TORONTO — Canuck TV and radio broadcaster Chum saw a hearty revenue jump and a boffo bottom line in its fiscal third quarter as it integrated a recently acquired stable of channels and enjoyed a robust ad market and subscriber gains, especially in the specialty TV sector.
The company net income jumped 64% to C$23.4 million ($19.2 million) in the quarter ended May 31.
Revenue for the period was $143.8 million, up 18% as both core businesses turned in solid performances. TV revenue climbed 20% to $111.5 million and radio was up 12% to $30 million.
A significant portion of TV revenue came from the stable of channels acquired late last year from Craig Media. Without that coin, TV revenue was up a more modest 8.6% to $101 million.
Ad revenue did enjoy gains, however, with the most notable jump in specialty channel ad revs, which climbed 17.2%. In addition, specialty subscriber revenue was up 10%.
During the quarter MTV Networks parted ways with its two Canuck specialty spinoffs, MTV Canada and MTV2, acquired by Chum at the beginning of the year with the purchase of Calgary-based Craig Media. The two Chum-owned webs have been relaunched and rebranded, with the youth Lifestyle net now called Razer and the pop music channel PunchMuch.
The company continues to keep an eye open for acquisitions.