What is Pulling in New Profits for Astral? Broadcast Radio, Of Course!

by

O’ Canada

Canadian Media Company Astral Media has gotten a profit boost by acquiring Standard Radio. Not too shabby for “old fashioned” media! CBC News gives us the numbers:

In October, Astral concluded its $1.08-billion acquisition of Standard’s 52 radio stations, a move that made it the largest radio broadcaster in Canada.

The acquisition helped the company’s radio revenue increase by 58 per cent by adding in the one-month results for Standard.

October 29, the date of the acquisition, was certainly a banner day for Astral. The revenue increases noted above work out to a 20 percent leap in net profits for the company according to The Star:

In its financial report, Astral said Monday it earned $37.5 million or 69 cents a share for the three months ended Nov. 30, the first quarter of Astral’s 2008 fiscal year.

That compared with earnings of $32.6 million or 62 cents for the same period the previous year.

The earnings surpassed consensus analyst expectations of about 68 cents a share as estimated by the Thomson Financial data company. Consolidated revenues rose 20 per cent to $198.7 million from $165.1 million.

The Star also note that Standard held many of the most popular radio stations in Canada including the famous CFRB in Toronto.

photo courtesy of dmealiffe, used under this Creative Commons license

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