July 12, 2012 / 11:56 AM / 5 years ago

Corus Entertainment profit rises 7 pct

(Reuters) - Canadian media company Corus Entertainment Inc (CJRb.TO) reported a 7 percent rise in third-quarter profit, but said advertising revenue was hurt by soft demand for children’s programming.

Net income attributable to shareholders rose to C$43.2 million ($42.3 million), or 51 Canadian cents per share, from C$40.4 million, or 49 Canadian cents per basic share, a year earlier.

Consolidated revenue for the specialty television producer, which focuses on content for children and women, fell 4 percent to C$204.1 million.

In the television segment, subscriber revenue fell 2 percent.

“Our specialty advertising revenues in the quarter were impacted by soft demand in the kids segment, which overshadowed the continued strong performance in our women’s vertical and newer services,” CEO John Cassaday said in a statement.

The company’s children’s cable networks include Treehouse and Nickelodeon Canada.

Corus, controlled by the Shaw family which also runs cable company Shaw Communications (SJRb.TO), could soon be Canada’s last major independent media company.

It has so far avoided consolidation sweeping through Canada’s media and telecom industries. Its main rival, Astral Media Inc ACMa.TO, is in the process of being acquired by BCE Inc (BCE.TO).

Toronto-based Corus’ pay TV business, Movie Central, ended the quarter with 975,000 subscribers. Corus sells subscriptions to its Movie Central, which includes HBO Canada, via cable and satellite companies.

Shares of Corus, which has a market value of C$1.85 billion, closed at C$23.40 on Wednesday on the Toronto Stock Exchange.

($1 = 1.0206 Canadian dollars)

Reporting by Alastair Sharp in Toronto and Bhaswati Mukhopadhyay in Bangalore; Editing by Saumyadeb Chakrabarty, Maju Samuel

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