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Corus® CORUS ENTERTAINMENT ANNOUNCES FISCAL 2021 THIRD QUARTER RESULTS Strong revenue growth across the business driven by advertising revenue recovery and impressive streaming subscriber additions ⚫ Consolidated revenues increased 15 % for the quarter and decreased 1 % year - to - date • Consolidated segment profit ( ¹ ) increased 17 % for the quarter and 3 % year - to - date • Consolidated segment profit margin ( ¹ ) of 32 % for the quarter and 36 % year - to - date • Net income attributable to shareholders of $ 40.7 million ( $ 0.20 per share basic ) for the quarter and $ 152.6 million ( $ 0.73 per share basic ) year - to - date • Net debt to segment profit ( ¹ ) of 2.82 times at May 31 , 2021 , down from 3.18 times at August 31 , 2020 • Free cash flow ( ¹ ) of $ 64.7 million for the quarter and $ 216.8 million year - to - date • Achieved recent milestone of over 600,000 paying subscribers on streaming platforms , more than doubled from the prior year TORONTO , June 29 , 2021 - Corus Entertainment Inc. ( TSX : CJR.B ) announced its third quarter financial results today . " Our third quarter marks a significant milestone for Corus , highlighted by strong operating execution with significant revenue and segment profit growth across all of our businesses , " said Doug Murphy , President and Chief Executive Officer . " We delivered impressive double - digit growth in Television and Radio advertising revenue , yet another quarter of robust paid streaming subscriber gains , and a fourth consecutive quarter of double - digit growth in our content revenue . Our unwavering focus is on advancing our strategic priorities and the merits of our operating and financial discipline is increasingly evident . Our fall schedule on Global TV is one of the strongest we have seen in many years . This quarter , we completed a highly successful refinancing and delivered strong free cash flow further strengthening our balance sheet and increasing our financial flexibility . We are confident that the strategic momentum at Corus is lasting and when coupled with meaningful progress on our long - term leverage goals will unlock additional value for our shareholders in the quarters and years ahead . " Financial Highlights Three months ended May 31 , 2020 % Change 2021 ( in thousands of Canadian dollars except per share amounts ) 2021 Revenues Television Radio Segment profit ( loss ) ( 1 ) Television ( 2 ) Radio ( 2 ) Corporate ( 2 ) Nine months ended May 31 , 2020 % Change 379,822 331,322 23,177 17,645 15 % 31 % 402,999 348,967 15 % 1,110,443 71,785 1,182,228 1,109,116 83,724 1,192,840 0 % ( 14 % ) ( 1 % ) 140,012 115,838 21 % 1,285 ( 1,776 ) 172 % ( 10,626 ) ( 2,749 ) ( 287 % ) 439,133 9,835 ( 27,050 ) 409,928 14,828 7 % ( 34 % ) ( 13,419 ) ( 102 % ) 130,671 111,313 17 % 421,918 411,337 3 % Segment profit margin ( ¹ ) Television Radio Consolidated 37 % 35 % 40 % 37 % 6 % 32 % ( 10 % ) 32 % 14 % 18 % 36 % 34 % Net income ( loss ) attributable to shareholders Adjusted net income attributable to shareholders ( 1 ) 40,666 ( 752,280 ) n / m 152,630 ( 655,640 ) n / m 44,324 18,996 133 % 161,671 124,876 29 % Basic earnings ( loss ) per share $ 0.20 ( $ 3.61 ) $ 0.73 ( $ 3.12 ) Adjusted basic earnings per share ( 1 ) $ 0.21 $ 0.09 $ 0.77 $ 0.59 Diluted earnings ( loss ) per share $ 0.19 ( $ 3.61 ) $ 0.73 ( $ 3.12 ) Free cash flow ( 1 ) 64,702 90,773 ( 29 % ) 216,766 208,894 4 % ( 1 ) Segment profit ( loss ) , segment profit margin , adjusted net income attributable to shareholders , adjusted basic earnings per share , free cash flow and net debt to segment profit do not have standardized meanings prescribed by International Financial Reporting Standards ( " IFRS " ) . The Company believes these non - IFRS measures are frequently used as key measures to evaluate performance . For definitions , explanations and reconciliations see discussion under the Key Performance Indicators section of the Third Quarter 2021 Report to Shareholders and / or Management's Discussion and Analysis in the Company's Annual Report for the year ended August 31 , 2020 . ( 2 ) Segment profit included $ 4.4 million in Q3 ( Television : $ 3.9 million ; Radio : $ 0.6 million ) and $ 12.6 million year - to - date ( Television : $ 10.0 million ; Radio : $ 1.7 million ; Corporate : $ 0.9 million ) of estimated Canada Emergency Wage Subsidy ( " CEWS " ) benefit and relief on regulatory fees of $ 0.6 million in Q3 ( Television : $ 0.5 million ; Radio : $ 0.1 million ) and $ 8.8 million year - to - date ( Television : $ 7.7 million ; Radio : $ 1.1 million ) . In the prior year , segment profit included $ 17.4 million in Q3 and year - to - date ( Television : $ 13.5 million ; Radio : $ 2.7 million ; Corporate : $ 1.1 million ) of estimated CEWS benefit . corus . Fiscal 2021 Third Quarter • Press Release | 1