Corus posts Q3 loss on impairment charge

July 15, 2009 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. During recent quarters, Corus saw cable TV advertising, especially when targeted at women viewers, rise while radio advertising softened. 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).

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