Corus posts Q3 loss on impairment charge
Canadian TV and radio broadcaster sees $127.5 mil lossTORONTO -- Canadian TV and radio broadcaster Corus Entertainment is feeling the recessionary chill.
Toronto-based Corus Entertainment on Wednesday fell to a third quarter loss of CAN$145 million ($127.5 million), against a year-earlier profit of CAN$37.7 million, after it recorded a CAN$175 million ($154 million) broadcast license and goodwill impairment charge for its radio business.
Third quarter revenue for the three months to May 31 slipped 6% to CAN$195.4 million ($172 million), against CAN$207.8 million in 2008.
During recent quarters, Corus saw cable TV advertising, especially when targeted at women viewers, rise while radio advertising softened.
In the third quarter, radio division revenue fell 15% to CAN$65.5 million ($57.6 million), while the segment profit fell 35% to CAN$16.1 million ($14 million).
TV division revenue fared better, down 1% to CAN$129.8 million ($114.3 million), led by cable channel and pay TV subscriber revenue growth of 13%, while the segment profit was down 5% to CAN$50.7 million ($44.8 million).