Corus Entertainment swings to third quarter loss

One-time items dented the broadcaster's bottom line, despite overall revenues rising 14%.

Canadian broadcaster Corus Entertainment on Thursday swung to a third quarter loss as it continues to face a soft radio and TV advertising market.

Overall revenue was up 14% to $214 million as Corus consolidated its 100% interests in Teletoon, Historia and Séries+.

At the same time, the broadcaster recorded a number of one-time items to dent its bottom line.

During the third quarter, Corus posted radio broadcast licence and goodwill impairment charges of $75 million, and business  acquisition, integration and restructuring costs of $600,000, and capital asset impairment charges of $1.2 million.

Excluding those unusual items, Corus posted adjusted earnings of $41.6 million.

Corus, in its earnings commentary, pointed to “ratings strength” for its  W and YTV networks, and ratings gains for its CMT and ABC Spark brands.

Corus also reported rising specialty advertising revenues and subscriber revenues offset by merchandising, distribution and other revenues declining.