The following is a summary of the Corus Entertainment, Inc. (CJREF) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Corus Entertainment's Q2 2024 consolidated revenue came in at $300 million, with a segment profit of $53 million, marking a decrease from the prior year.

• The revenue decline was due to lower TV advertising and subscription revenue; however, free cash flow improved by 15% to $33 million, thanks to reduced operating expenses.

• The radio sector revenue also decreased by 4% compared to last year.

• The company improved its leverage to 3.62x pro forma net debt to segment profit by using the free cash flow to reduce the term loan facility.

• Corus Entertainment's program amortization is projected to decrease by about $100 million this year, assisting in lowering operating expenses.

Business Progress:

• Following the launch of new programs, core prime time audiences surged by 143% giving Corus 10 of the top 20 shows on conventional television.

• Average hours streamed on STACKTV and Global TV app witnessed a significant rise, indicating successful scaling of its streaming portfolio.

• STACKTV subscription reached an all-time high, suggesting high user engagement across demographics.

• Corus is restructuring its operating model to support a 'video-first' strategy and reducing costs with 'Fit for the Future' initiatives.

• Corus anticipates upcoming regulatory changes, and also advocating for alterations to broadcasting obligations in Canada.

• Corus Entertainment continues to invest in Global News, aiming to aggregate premium video across all platforms, employing a 'video-first' strategy.

More details: CORUS ENTERTAINMENT INC IR

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