01:07 PM EDT, 07/16/2024 (MT Newswires) -- Corus Entertainment's third quarter results missed and the near-term outlook remains challenging given a weak TV advertising market and the eventual loss of WBD content in Q2/F25, notes BMO.

Third quarter revenue decreased -16% (-4% below expectations) while EBITDA was -30% (-19% below). TV advertising revenue declined -15%. Adj. EPS was -$0.10 vs. $0.07 Street. Consolidated margins weakened 400bps to ~20% due to revenue declines outpacing cost reduction efforts,

The newly appointed co-CEOs' priorities include cost cutting, optimizing core assets, and attaining covenant relief. However, analyst Tim Casey says "the near-term outlook is very uncertain."

Corus is rated Market Perform.

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