Profit rose to C$150.9 million ($138.9 million), or C$1.78 per share in the first quarter ended November 30, from C$52.16 million, or 62 Canadian cents per share, a year earlier.

Net income included a non-cash gain of C$127.9 million from the remeasurement to fair value of Corus's 50 percent stake in Teletoon. Corus acquired the rest of Teletoon in September.

Revenue rose 8 percent to C$226 million.

The company, which is controlled by the Shaw family, airs shows such as SpongeBob SquarePants and Dora the Explorer on its Nickelodeon (Canada) channel.

The Shaw family also runs cable company Shaw Communications Inc.

(Reporting By Sneha Banerjee in Bangalore; Editing by Sriraj Kalluvila)