Rogers Media results out this AM and Corus clearly beat themDecline in revenue and ebitda and high cost of acquiring sports content continue to pressure Rogers Media:
MEDIA Media Financial Results Three months ended March 31 (In millions of dollars, except margins) 2019 2018 % Chg Revenue 468 532 (12) Operating expenses 552 509 8 Adjusted EBITDA (84) 23 n/m Adjusted EBITDA margin (17.9)% 4.3% (22.2pts) Capital expenditures 22 15 47 Revenue The 12% decrease in revenue this quarter was a result of a prior year Major League Baseball distribution to the Toronto Blue Jays. Excluding the impact of the Major League Baseball distribution, Media revenue would have been stable year on year. Operating expenses The 8% increase in operating expenses this quarter was a result of: • the timing of player salaries pertaining to Toronto Blue Jays player trades that otherwise would have been incurred throughout the regular season; and • higher programming costs. Adjusted EBITDA The decrease in adjusted EBITDA this quarter was a result of the revenue and expense changes discussed above. Excluding the impact of the baseball-related transactions discussed above, Media adjusted EBITDA would have decreased by 25% this quarter. Other Media developments In April 2019, we sold certain assets of our publishing division, including our print and digital magazine brands, to St. Joseph Communications.