The new Corus logo at Corus Quay in Toronto is photographed on Friday, June 22, 2018. THE CANADIAN PRESS/ Tijana Martin

The new Corus logo at Corus Quay in Toronto is photographed on Friday, June 22, 2018. THE CANADIAN PRESS/ Tijana Martin

Corus, Hulu announce ‘breakthrough’ multi-year streaming deal

Its Corus Studios division has signed a deal to sell more than 200 episodes of programming to Hulu

Corus Entertainment Inc. announced a distribution deal with U.S. streaming service Hulu Friday as it reported better-than-expected second-quarter financial results.

The Toronto-based company — which owns one of Canada’s largest radio groups, the Global television network and dozens of specialty cable channels — said its Corus Studios division has signed a deal to sell more than 200 episodes of programming to Hulu.

Hulu — jointly owned by Disney and NBCUniversal — will acquire the first three seasons of “Backyard Builds” as well as other renovation and food-related titles such as “Family Home Overhaul”, “$ave My Reno” and “Big Food Bucket List.”

Financial details of the deal weren’t announced, but Corus chief executive Doug Murphy told analysts on a conference call that it was a “breakthrough” multi-year agreement.

Murphy also said Corus has had very positive momentum with advertisers, the major source of revenue for its television and radio businesses.

“We’re going to be up a lot in Q3. Full stop. The question is, how big,” Murphy said, referring to the third quarter ending May 31.

Murphy said the latest round of restrictions due to the pandemic will delay growth for some categories of advertising — such as those attuned to entertainment and dining — but other categories that have been doing well will continue to do well.

Corus’s second-quarter results topped expectations as it reported that its profit for the three months ended Feb. 28 nearly doubled compared with a year ago.

The quarter was helped by a continued recovery in TV advertising revenue, new subscribers to its paid streaming services and growth in its content licensing business, Corus said.

It reported a second-quarter profit of $35.3 million or 17 cents per diluted share for the quarter ended Feb. 28, up from $18.5 million or nine cents per diluted share a year earlier.

Revenue totalled nearly $358.9 million, down from nearly $376 million.

On an adjusted basis, Corus says it earned 18 cents per share in its latest quarter, up from an adjusted profit of 12 cents per share in the same quarter last year.

Analysts on average had expected an adjusted profit of 12 cents per share for the quarter, according to financial data firm Refinitiv.

tech industry

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

(Black Press file photo)
Detour ahead for Vernon’s 18th Street

The week-long detour in the Crescent Park area will be in effect starting Monday, May 10

Lake Country firefighters assisted the RCMP on Kalamalka Lake Tuesday, May 4. (Fire Department file photo)
Lake Country RCMP interrupt houseboat break-in

Pair in their 30s arrested but no charges laid after alleged Kalamalka Lake incident

Pharmacist Barbara Violo arranges all the empty vials of the Oxford-AstraZeneca COVID-19 vaccines that she has provided to customers at the Junction Chemist which is an independent pharmacy during the COVID-19 pandemic in Toronto, on Monday, April 19, 2021. THE CANADIAN PRESS/Nathan Denette
B.C.’s 1st vaccine-induced blood clot case detected in Interior Health

Interior Health also recorded 52 new cases of COVID-19

The Allan Brooks Nature Centre in Vernon will hold a two-day plant sale fundraiser, run completely by the centre’s volunteers, Saturday and Sunday, May 15 and 16. (ABNC photo)
Vernon nature centre pots plant sale fundraiser

Two-day event by the Allan Brooks Nature Centre runs Saturday and Sunday, May 15 and 16

Southbound traffic was reduced to single lane on Highway 97 as a vehicle involved in a collision was being retrieved by a tow truck on Thursday morning, May 6, 2021. (Jennifer Smith - Morning Star)
UPDATE: Northbound truck ends up southbound over Vernon railroad tracks

Cause of Thursday morning crash still under investigation

Protesters attempt to stop clear-cutting of old-growth trees in Fairy Creek near Port Renfrew. (Will O’Connell photo)
VIDEO: Workers, activists clash at site of Vancouver Island logging operation

Forest license holders asking for independent investigation into incident

The Primary Urgent Care Centre on Martin Street officially opened on March 31, 2021. (Brennan Phillips)
Okanagan-Similkameen Regional Hospital District reverses funding decision on care centre

Approval now granted to fund $1 million for Urgent and Primary Care Centre in Penticton

Motorists breaking travel rules can be fined $230 for failing to follow instructions or $575 if the reason for travel violates the essential travel health order, at this Highway 3 check area near Manning Park. Photo RCMP
RCMP begin checking drivers on BC highways

Four check points are set up Thursday May 6 around the province

Starting Tuesday, May 11, B.C. adults born in 1981 and earlier will be able to register for a vaccine dose. (Haley Ritchie/Black Press Media)
BC adults 40+ eligible to book COVID-19 vaccinations next week

Starting Tuesday, people born in 1981 and earlier will be able to schedule their inoculation against the virus

Kelowna City Hall. (Michael Rodriguez - Capital News)
New temporary outdoor shelter in Kelowna opens

The new area on Richter Street and Weddell Place replaces the Baillie Avenue site

Parks Canada and Tla-o-qui-aht Tribal Parks dig the washed up Princess M out from sand along the south shore of the Pacific Rim National Park Reserve. (Nora O’Malley photo)
Rescue attempt costs man his boat off Pacific Rim National Park Reserve

Coast Guard response questioned after volunteer responder’s speedboat capsizes in heavy swells

Al Kowalko shows off the province’s first electric school bus, running kids to three elementary and two secondary schools on the West Shore. (Zoe Ducklow/News Staff)
B.C.’s first electric school bus making the rounds in Victoria suburbs

No emissions, no fuel costs and less maintenance will offset the $750K upfront expense

Road sign on Highway 1 west of Hope warns drivers of COVID-19 essential travel road checks on the highways into the B.C. Interior. (Jessica Peters/Chilliwack Progress)
B.C. residents want travel checks at Alberta border, MLA says

Police road checks in place at highways out of Vancouver area

Victoria police say the photo they circulated of an alleged cat thief was actually a woman taking her own cat to the vet. (Black Press Media File Photo)
Photo of suspected cat thief released by Victoria police actually just woman with her pet

Police learned the she didn’t steal Penelope the cat, and was actually taking her cat to the vet

Most Read