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Despite these adversities, Corus rebounded by posting a Q4 profit of CAD 50.4 million, a significant turnaround from a previous loss of CAD 367.1 million. This recovery can be largely attributed to a cash injection from selling Toon Boom Animation to Integrated Media Company for CAD 147.5 million in the summer.
The company’s adjusted loss per share stood at CAD 0.04, outperforming FactSet’s projected wider loss of CAD 0.09 per share. However, Corus reported slightly lower Q4 revenue of CAD 338.8 million, a marginal decrease compared to the previous figure of CAD 339.6 million.
The prolonged strikes have been impacting the entertainment industry for over a year now, leading to a weakened advertising market that has affected numerous media corporations including Corus Entertainment. The company’s decision to suspend dividends and focus on debt repayments is seen as a strategic move to maintain financial stability amidst these challenges.
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