Corus lost $9.8 million in the second quarter, compared with a loss of $15.5 million a year ago, as revenue fell

TORONTO – Corus Entertainment Inc. reported a loss attributable to shareholders of $9.8 million in its most recent quarter, as its revenue fell 13 percent, compared with a loss of $15.5 million a year earlier.

Losses for the quarter ended Feb. 29 were five cents per diluted share, compared with a loss of eight cents per diluted share in the same quarter last year, the broadcaster said.

The company's second-quarter revenue was $299.5 million, up from $343.9 million a year earlier.

In the quarter, TV revenue fell to $278.1 million, compared to $321.5 million last year, and radio revenue fell to $21.5 million, compared to $22.3 million a year ago.

On an adjusted basis, Corus says it lost three cents per share in the quarter, compared with an adjusted loss of seven cents per share a year ago.

In its forecast, Corus says it expects a 10-15 percent year-over-year decline in TV ad revenue in its third quarter. It also expects amortization of TV rights to fall to a similar range on a year-over-year basis in the quarter, and it will continue to cut costs.

This Canadian Press report was first published on April 12, 2024.

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Canadian Press