Corus Entertainment (CJR.B) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 revenue declined 16% year-over-year to approximately $1.271 billion, with Q4 revenue down 21% to $269 million, reflecting industry disruption from U.S. writers and actors strikes, lower advertising demand, and challenging market conditions.

• Net loss attributable to shareholders was $772.6 million for the year, driven by $960 million in non-cash impairment charges; adjusted net income was $11.4 million.

• Aggressive cost reduction initiatives, including headcount reductions and asset sales, supported segment profit and free cash flow, with free cash flow rising 7% to $114.2 million for the year and 24% to $39.1 million in Q4.

• New lifestyle networks, Flavour Network and Home Network, will launch December 30, 2024, with strong advertiser interest and over 460 hours of original content.

• Audience ratings for Global's core primetime rose 16% year-over-year in the Adults 25-54 demo, and a 5% audience gain was achieved in Fall 2024.

Financial highlights

• Consolidated revenue for fiscal 2024 was $1.271 billion, down 16% year-over-year; Q4 revenue was $269 million, down 21%.

• Consolidated segment profit was $283 million for the year (down 15%) and $42 million for Q4 (down 9%).

• Free cash flow reached $114.2 million for the year, up 7%, and $39.1 million in Q4, up 24%.

• TV segment revenue was $1.177 billion for the year, down 16%; radio segment revenue was $94 million, down 9%.

• Net debt to segment profit ratio increased to 3.84x from 3.62x last year.

Outlook and guidance

• Q1 2025 TV advertising revenue is expected to decline similarly to Q4 2024 (approx. 16%).

• Amortization of TV programming rights is projected to rise mid-single digits year-over-year in Q1 2025.

• General and administrative expenses are expected to decline 5–10% year-over-year in Q1 2025.

• Ongoing cost reductions are planned, but higher programming costs and limited macroeconomic visibility remain.

• Focus remains on exclusive content, digital growth, and regulatory advocacy.