July 15, 2009 / 11:58 AM / in 8 years

UPDATE 1-Charge drags Corus Entertainment to quarterly loss

* Q3 share loss C$1.81 vs profit C$0.45

* Q3 loss included C$175 million charge

* Revenue drops 6 pct to C$195.4 mln

TORONTO, July 15 (Reuters) - Corus Entertainment (CJRb.TO) reported a quarterly loss on Wednesday, hurt by a charge at its radio division.

The specialty TV and radio group posted a loss of C$145 million ($128.3 million), or C$1.81 a share, for the third quarter ended May 31, compared with a year-earlier profit of C$37.7 million, or 45 Canadian cents a share, a year earlier.

The latest quarter included a C$175 million broadcast license and goodwill impairment charge.

Excluding items, the company earned 36 Canadian cents a share. Analysts on average were expecting 43 Canadian cents, according to Reuters Estimates.

Revenue fell 6 percent to C$195.4 million from C$207.8 million. Analysts were expecting C$206.1 million.

Corus said earlier this week that it had reached an agreement to purchase the specialty television services Drive-In Classics and SexTV from CTVglobemedia [CTVGM.UL]. The deal, which is subject to approval by the Canadian Radio-Television and Telecommunications Commission, is worth C$40 million. ($1=$1.13 Canadian) (Reporting by Scott Anderson; Editing by Lisa Von Ahn)

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