Corus Entertainment to Launch Global Children's Channel

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Corus Entertainment to Launch Global Children's Channel

BY: TAVIA GRANT
Globe and Mail

Corus Entertainment Inc. said Tuesday it's formed a joint venture to start a children's channel that will broadcast to kids and families around the world.

The move comes as the Toronto-based company swung to a second-quarter profit and boosted its dividend by 16 per cent. Profit rose to $19.5-million or 46 cents a share from a year-earlier loss of $65.7-million or $1.54 a share.

Corus is teaming up with Sparrowhawk Media of London and California-based DIC Entertainment to offer the new channel, called KidsCo, which will be broadcast in 40 territories worldwide around the clock.

The collaboration will “deliver on our shared mission of entertaining children and families around the globe,” said John Cassaday, Corus's president and chief executive in a release.

Broadcasting is expected to begin in the fall in Central and Eastern Europe, followed by premieres throughout next year and 2009 across Europe, Latin America and Asia Pacific.

DIC's library includes Inspector Gadget, Madeline and Care Bears while Corus's unit, Nelvana Enterprises, has Babar, Franklin and The Adventures of Tintin.

Financial details of the agreement weren't disclosed.

Separately, Corus today boosted its dividend by 14 cents after revenue growth boosted its broadcasting business.