TORONTO — A potential move by Canada's telecommunications regulator to ease some Canadian content spending requirements for Corus Entertainment Inc.
would provide"much needed flexibility" amid programming and advertising uncertainty, the company's CEO said Friday.
"The first blow has been the meaningful decline in advertising revenues. The second has been a significant increase and required spend on Canadian programming," Murphy told analysts on the company's fourth quarter earnings call. Revenue totalled $338.8 million for the company's fourth quarter, down slightly from $339.6 million a year earlier.
It said almost all advertising categories saw declines as advertisers continued to hold or reduce spending compared with the prior year. In its application to the CRTC on Oct. 11, Corus requested the regulator lower the company's obligation to spend 8.5 per cent of revenues on programs of national interest for its English-language stations to five per cent. It also asked the regulator to extend the repayment deadline for under-expenditures of Canadian programming requirements.
"The regulator statement last week was the most substantive move toward regulatory change that our company has seen in years and we are encouraged by it," he told analysts.
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