Corus Entertainment (TSX:CJR.B) is a Toronto-based media and content company. Legacy media companies were challenged by the COVID-19 pandemic as viewing habits underwent a significant shift. However, it also presented opportunities for companies like Corus to make headway in the streaming space. Shares of Corus have dropped 7% in 2022 as of close on April 21. Is it worth buying on the dip? Let’s find out.

The company unveiled its second quarter fiscal 2022 earnings on April 8. Consolidated revenues rose 1% to $361 million in Q2 FY2022. Meanwhile, in the year-to-date period, revenues jumped 6% to $825 million. Corus delivered improved subscriber growth and its radio business continued to bounce back nicely. Free cash flow grew 11% for the first six months of FY2022 to $168 million.

In early February, Corus announced that its STACKTV streaming service would expand onto Rogers Ignite and Ignite SmartStream platforms. It also added Lifetime into its content stable. On April 4, 2022, Corus revealed that it had reached 750,000 subscribers to its STACKTV, Nick+, and other streaming platforms. The company has made encouraging progress in and area where it needs to see growth going forward due to the decline of traditional cable.

Shares of Corus currently possess a very attractive price-to-earnings ratio of 6.1. The stock last had an RSI of 29, which puts Corus in technically oversold territory. This stock offers a quarterly dividend of $0.06 per share. That represents a strong 5.3% yield.