Corus Studios has signed a supersized multi-year content agreement with U.S. streaming platform Hulu.
The deal, which will see Hulu acquire more than 400 episodes of lifestyle, crime, renovation and other unscripted content, is an expansion of a content deal inked in 2021, which was Corus’ largest U.S. output deal at the time.
Among the titles is a pre-sale of Pamela’s Garden of Eden featuring Pamela Anderson (8 x 60 minutes; Fireworks Media Group; pictured); all three seasons of Crime Beat (53 x 60 minutes), based on the Global News podcast; and the first U.S. sales of the Proper Television-produced factual series Cheese: A Love Story (6 x 60 minutes) and Lost Car Rescue (6 x 60 minutes), as well as Insight Productions’ Wall of Bakers (10 x 60 minutes).
Hulu’s home and renovation acquisitions include Gut Job (8 x 60 minutes; Great Pacific Media), Hoarder House Flippers (6 x 60 minutes; Anaïd Productions), Styled (8 x 60 minutes; Great Pacific Media), Trading Up with Mandy Rennehan (10 x 60; Scott Brothers Entertainment), Making It Home with Kortney and Kenny (10 x 60 minutes), Rock Solid Builds (20 x 60 minutes; Cineflix Productions), season two of Farmhouse Facelift (8 x 60 minutes; Sonar Entertainment) and Buying The View (26 x 30 minutes; Our House Media).
Food lifestyle content sales include Baker Sisters (13 x 30; Alibi Entertainment), season three of Big Food Bucket List (14 x 30 minutes; Lone Eagle Entertainment), season two of Project Bakeover (10 x 60 minutes; Entertainment One) and season two of Wall of Chefs (10 x 60 minutes; Insight Productions). Rounding out the sales is seasons one and two of Backroad Truckers (16 x 60 minutes; Big Time Decent Productions).
The sales announcement comes as parentco Corus Entertainment announces its Q2 2022 financial results, reporting a 1% increase in consolidated revenue, driven by gains in TV subscribers and radio.
Overall Corus earned $361.6 million in consolidated revenue in Q2, marginally up from $358.8 million earned in the previous year’s quarter. The largest revenue gains in Q2 2022 were in radio, up 8% at $22 million compared to $20.3 million in 2021, and TV subscribers, up 7% at $132.8 million from $124.2 million in the previous year.
The subscriber increase is the highest subscription growth on record for Corus, president and CEO Doug Murphy told investors on Friday (April 8).
Television revenue was stable year-over-year with a less than 1% increase at $339.6 million from $338.5 million in Q2 2021. Merchandising, distribution and other miscellaneous revenue saw the biggest decrease, down 22% at $22.1 million compared to $28.4 million in the previous year’s quarter, while advertising revenue had a slight dip of 1%, coming to $184.6 million in Q2 2022 compared to $185.8 million in Q2 2021. Free cash flow also saw a dip of 1%, coming to $88.4 million from $89.6 million in the previous year’s quarter.
John Gossling, EVP and CFO of Corus, told investors that the company expects the multi-year agreement with Hulu will make for a “strong back-half” of fiscal 2022.
Murphy also addressed the company’s acquisition of a majority stake in Toronto prodco Aircraft Pictures, which he said was a “smart tuck-in that accelerated our strategic priorities and plans,” but that the company is more focused on repurchasing its shares than M&A opportunities.
When asked about the implications of the impending closure of Rogers Communications’ acquisition of Shaw, which will result in the end of financial contributions to Global News, Murphy said “we will work with the government to better understand implications for us.” He added that Corus welcomed the recent tabling of the Online News Act, which will see digital platforms share revenue with news organizations.