Rogers Communications has lowered its revenue expectations for 2024, attributing the decrease to weaker performance in its media segment during the latter part of the year. The telecom company now anticipates a 7% service revenue growth, down from its initial projection of 8 to 10%. This adjustment reflects industry-wide challenges, including intensified competition, substantial debt burdens, and decelerating growth, which have exerted pressure on company valuations. The company's media business, encompassing sports, television, and radio programming, accounts for approximately 10% of its total revenue. While the company experienced higher revenues from subscribers and the Toronto Blue Jays, these gains were partially offset by expenses related to renovations at the Rogers Centre stadium. The revenue decrease is estimated to range from $50 million to $75 million, indicating a flat year-over-year growth for the media division. In contrast, Rogers's wireless and cable operations remained stable.
has slightly lowered its revenue expectations for 2024, blaming weaker performance in its media business during the final months of the year.
Rogers’s media business, which includes sports, television and radio programming, accounts for about 10 per cent of the company’s overall revenue, which was up 11 per cent in the third quarter. Higher revenues from subscribers and the Toronto Blue Jays were offset by costs related to renovations at the Rogers Centre stadium in Toronto.
Last year, the company signed deals with Warner Bros. to license television content and with U.S. cable giant Comcast Corp. to run its television programming aggregator on Rogers devices. Comcast itself said in November that it planned to spin off most of its cable television networks into a separate publicly traded company, in what analysts saw as a reaction to the long-term pressures of cord-cutting.
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