Jan 14 (Reuters) - Canadian media company Corus Entertainment Inc’s quarterly profit nearly tripled after the company gained from the recent acquisition of specialty television services.
Profit rose to C$150.9 million ($138.9 million), or C$1.78 per share in the first quarter ended Nov. 30, from C$52.16 million, or 62 Canadian cents per share, a year earlier.
Net income included a non-cash gain of C$127.9 million from the remeasurement to fair value of Corus’s 50 percent stake in Teletoon. Corus acquired the rest of Teletoon in September.
Revenue rose 8 percent to C$226 million.
The company, which is controlled by the Shaw family, airs shows such as SpongeBob SquarePants and Dora the Explorer on its Nickelodeon (Canada) channel.
The Shaw family also runs cable company Shaw Communications Inc.