Programming revenues grew from $87.3 million in 1999 to $110.0 mil- lion in 2000, an increase of 26%. All of the programming services contributed to the strong growth. The growth was due to acquisitions as well as increased affiliate rev- enue from the increase in DTH (Direct to Home) subscribers and increased advertising revenue. The 26% growth in revenues is 11% from acquisitions and 15% from organic growth. The results also include 12 months of Treehouse TV revenues in fiscal 2000 compared to 10 months in fiscal 1999. Expenses were $75.4 million compared to $64.2 million last year, an increase of 17.5%. EBITDA profit and margins increased from $23.1 million to $34.6 million and 26.5% to 31.4%, respectively, reflecting the increase in revenue and the control of expenses. 

## Diversified Media (Other) 

Other includes the operations of Digital ADventure, a cable advertising service, DMX Commercial, a digital audio service, and four conventional television stations that were acquired from Power Broadcasting Inc. 

Revenue grew from $23.5 million in 1999 to $33.0 million in 2000, an increase of 40%. The 40% growth in revenue is 35% from the four new television stations and 5.0% from organic growth in Digital ADventure and DMX Commercial. 

Expenses increased from $15.0 million in 1999 to $24.8 million in 2000, an increase of 65.3%. The increase resulted primarily from the acquisition of conventional television and the cable access fee paid to Shaw for Digital ADventure. EBITDA decreased from $8.5 million to $8.2 million and margins dropped from 36.2% to 24.8%, reflecting the increase in revenue and the additional access fees for car- riage paid to Shaw. 

## Corporate Overhead 

Corporate overhead in fiscal 2000 was $4 million, compared to nil last year. Corporate overhead is the incremental cost that is not allocated to the operating divisions and is now incurred by Corus to operate as a stand-alone entity and not as a division of Shaw. 

## Depreciation 

Depreciation increased from $6.0 million in 1999 to $9.0 million in 2000, an increase of 50%. This is a result of the increase in Corus’ capital asset base from acquisitions made in fiscal 2000. 

