Corus Entertainment reports Q3 loss, revenue down amid ‘challenging’ ad environment

TORONTO — Corus Entertainment Inc. reported a loss attributable to shareholders of $769.9 million in its latest quarter compared with a loss of $495.1 million a year earlier as its revenue fell 16 per cent.

The television and radio broadcaster says the loss amounted to $3.86 per diluted share for the quarter ended May 31 compared with a loss of $2.48 per diluted share in the same quarter last year.

Revenue in what was the company’s third quarter totalled $331.8 million, down from $397.3 million a year earlier.

The drop came as television revenue in the quarter fell to $308.2 million compared with $371.2 million last year, while radio revenue slipped to $23.6 million compared with $26.2 million a year earlier.

On an adjusted basis, Corus says it lost 10 cents per share in the quarter compared with an adjusted loss of nine cents per share a year earlier.

The company says the third quarter results reflect “a challenging advertising environment,” as co-chief executive John Gossling says Corus plans to reduce costs, which includes “difficult decisions to part with certain legacy assets.”

This report by The Canadian Press was first published July 15, 2024.

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The Canadian Press