07:47 AM EDT, 06/26/2025 (MT Newswires) -- Corus Entertainment (CJR-B.TO) on Thursday reported an improved earnings performance in the third quarter as revenues came in as expected and it cut expenses, and the Media and content company flagged more cost cuts to come as it sees a decline in television advertising revenue and flat amortization of TV program rights in the fourth quarter.

Adjusted earnings for Q3 was near $12.65 million or $0.06 per share compared with a loss of $19.9 million or $0.10 per share in the prior corresponding period. Consensus estimate compiled by FactSet was for a $0.05 loss per share.

The company reported net loss attributable to shareholders of near $7.4 million or $0.04 per basic and diluted share for the three months ended May 31, compared with net loss of $769.9 million or $3.86 per share, a year-ago.

Total net revenue for the quarter decreased to $297.8 million compared with $331.8 million, a year earlier. The consensus estimate compiled by FactSet was $297.9 million.

On its outlook, the company expects a decline of about 20% year over year in Television advertising revenue in Q4, as it expects geopolitical and economic uncertainty and the ongoing over-supply of premium digital video inventory from foreign competitors will contribute to continued lower demand for linear advertising. It also expects amortization of TV program rights to be relatively flat in the quarter compared to the prior year.

Corus said it will continue with its implementation of additional cost reduction initiatives and anticipates general and administrative expenses to decline in the range of 10% to 15% for Q4 versus the prior year, excluding any potential benefit from the Independent Local News Fund.

"Our third quarter results reflect progress on our plan to reduce the cost base of our business," said Chief Executive John Gossling. "Given persistent industry headwinds, we are making steady progress on our capital and debt plan while capturing significant savings and efficiencies through our ongoing right-sizing initiatives."

Shares of the company closed unchanged at $0.11 on Wednesday on the Toronto Stock Exchange.