Corus Entertainment is moving to buy SexTV and Drive-In Classics from CTVglobemedia – putting up $40 million for the cable channels.

‘These services are currently available in over two million households and provide a great base to grow their audiences and increase their appeal to our advertising customers,’ said Corus boss John Cassaday, in a statement. The deal is subject to CRTC approval.

CTVgm acquired both digichannels during its takeover of CHUM. SexTV takes its name from a former CHUM show, and runs programming on human sexuality, while Drive-In Classics plays old movies. Both launched in 2001.

News of the acquisitions came a day before the broadcaster posted a third-quarter loss of $145 million, for the period ending May 31, below analyst expectations and a big swing from a profit of $37.7 million during the same period of 2008. The culprit was a $175 million broadcast licence and goodwill impairment charge for Corus’ faltering radio division.

Overall revenue was down 6% to $195.4 million. Corus’ TV revenue slipped 1% to $129.8 million, with its segment profit down 5% to $50.7 million. Radio fared worse, with revenue down 15% to $65.5 million and segment profit off 35% to $16.1 million.

Against these weaker results, Cassaday reassured analysts that the broadcaster is aggressively cutting costs so it can reach full-year 2009 guidance of $250 million to $255 million in operating income.

That said, the tone of analyst questioning reflected questions over the stability of Corus’ radio and specialty channel earnings going forward amid the ad slump, rather than restructuring concerns as at conventional broadcasters.