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."The Canadian Press
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