TORONTO (Reuters) - Shares in Canadian media company Corus Entertainment Inc (CJRb.TO) slumped on Thursday after it reported a quarterly loss amid a slumping advertising market.
Corus said it had a net loss of C$30.3 million on revenue of C$214 million in the three months to May 31, due mostly to impairment charges and radio license fees.
Adjusting to exclude those and other costs, Corus said it made a profit of C$41.6 million, or 49 Canadian cents a share.
The company, which specializes in television content for women and children, has recently taken control of more content, buying the half of the Teletoon channel it didn’t already own, as well as two Ottawa radio stations.
Shares in the Toronto-based company were trading 5 percent lower at C$24.06 Thursday on the Toronto Stock Exchange. That was their sharpest decline since late in 2013 and took Corus’ valuation back to its July 2013 level.
Corus is controlled by the Shaw family, which also runs Western Canada-focused cable company Shaw Communications Inc (SJRb.TO).
Reporting by Alastair Sharp; Editing by Nick Zieminski