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- Stocks of Corus Entertainment Inc (TSX:CJR.B) climbed by seven per cent (real-time) at market open on Friday, April 9
- The media and content company has posted its fiscal 2021 second quarter results.
- Corus saw an increase of about 91 per cent year-over-year (YoY) in its Q2 FY21 net income.
Stocks of Corus Entertainment Inc (TSX:CJR.B) climbed by seven per cent (real-time) at market open on Friday, April 9, as the media and content company posted fiscal 2021’s second quarter results.
In its latest financials, Corus declared a net income of C$ 35.3 million for Q2 FY21, which was an increase of about 91 per cent year-over-year (YoY).
Corus Entertainment said its recovery in television advertising revenue helped boost its financial, while the addition of new subscribers for its paid streaming services and content licensing business also contributed to the growth.
Earlier in March, Corus’ award-winning digital agency SO.DA came up with a roster of short-form series based on several creators of leading lifestyle brands. Growing at a good pace, SO.DA saw its content get watched five billion times in 2020, as per a company report from March.
Any Other Reasons Behind Corus’ Latest Stock Price Surge?
Apart from the financial results, the company also announced its “largest output deal to date” on Friday, with its divisions Corus Studios selling over 200 episodes to popular streaming service Hulu.
Speaking about the deal, Corus Studios’ Senior Vice President of Original Content Lisa Godfrey said the company is focused on developing diverse content that will appeal to global audiences. This could mean that the company is likely to grab similar deals in the future and help boost its prospects.
Corus Entertainment also announced a deal with popular Canadian soccer team Vancouver Whitecaps FC on Thursday, April. While there had been speculation over the team signing a deal with Sportsnet 650 following the shutdown of TSN 1040, turns out Corus is the one that landed a two-year broadcast deal with it.
A Look At Corus' Stock & Financials
Corus Entertainment has a market cap of C$ 1.2 billion and holds a price-to-book ratio of 1.343, as per TMX data. It pays a quarterly dividend of C$ 0.06, and holds a dividend yield of 4.103 per cent at present.
In Q2 2021, the company’s free cash flow was C$ 89.6 million, up 38 per cent YoY.
Corus stock, meanwhile, climbed 116.7 per cent in the last year and by about 37 per cent this year.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view.