Consolidated revenues at Corus Entertainment fell by 14% in the first quarter of fiscal 2024 as a result of a continued decline in advertising revenue and the impact of the writers’ and actors’ strikes on its linear programming.

Total revenue came to $369.9 million for Q1, compared to $431.2 million in fiscal 2023, with declines reported across its television and radio streams.

Television advertising revenue fell by 17% year-over-year, coming to $209.3 million, compared to $252.5 million in the prior Q1. Corus president and CEO Doug Murphy said the results were in-line with the company’s Q1 outlook, and were partially offset by cuts to its operating costs and programming, in a statement.

Corus’ subscriber revenue decreased by 7%, hitting $118.3 million in Q1 2024, from $127.5 million in the year prior, which was attributed to reduced subscribers for linear broadcast, and a stable number of subscribers for digital.

The distribution, production and other revenue segment fell by 31%, which Corus attributed to the sale of Toon Boom Animation. Meanwhile, radio revenue came to $27.5 million in Q1, down 7% from the previous year’s $29.7 million.

Corus reported a 14% increase in free cash flow, coming to $23.7 million from $20.8 million in Q1 2023.

Murphy said the company anticipates a “normalization” of its programming following the actors’ strike from 2023, with its regular schedule of premium scripted content rolling out in February, but “visibility as to the timing of the advertising recovery remains limited.”

“Our disciplined focus on reducing expenses across the business is evident in the first quarter results, delivering a lower cost base and improving operational efficiencies as our focus on debt repayment remains a priority,” he said.

In a call with investors, Murphy said that Corus is awaiting a number of decisions that will impact its business, including the implementation of the Online Streaming Act and Online News Act, and a request to the Canadian Radio-television and Telecommunications Commission (CRTC) to change its programs of national interest (PNI) requirement from 8.5% to 5%.

He noted that there is a “desperate need of a reset of our regulatory regime” as broadcasters await news on how the CRTC will require foreign-owned online undertakings to contribute to Canada’s content system.

During the call, Murphy also said that Corus anticipates a decline in its production investment, which may have an impact on its content revenue, as it looks toward acquiring content to help support the business. He noted that the company is looking at itself as a “premium digital linear platform,” rather than a broadcaster, citing that digital platforms, including Pluto and StackTV, have generated a billion minutes of viewing per month.