Corus Entertainment reports third-quarter loss, revenue down amid ‘challenging’ ad environment

Corus Entertainment Inc. CJR-B-T 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.”