06:42 AM EDT, 07/15/2024 (MT Newswires) -- Corus Entertainment (CJR-B.TO) on Monday reported a wider loss for the third quarter than in the year earlier period on lower revenues, and warned on further declines in television advertising revenues to come in the fourth quarter.

The company reported a net loss attributable to shareholders of $769.9 million ($3.86 loss per basic share) for the quarter, which includes non-cash impairment charges of $960 million related to goodwill, broadcast licences as well as trade mark and brand assets, and program rights. The $3.86 loss compares to a loss of $2.48 a year earlier.

Consolidated revenue decreased 16% for the quarter to $331.804 million from $397.335 million, missing a Capital IQ forecast of $345.32 million.

Among other highlights, consolidated segment profit decreased 30% for the quarter. It had consolidated segment profit margin of 20% for the quarter.

Corus recorded proforma net debt to segment profit of 3.91 times at May 31, 2024, which excludes contributions to segment profit from a prior year business divestiture, was up from the proforma net debt to segment profit as at August 31, 2023 of 3.62 times. It had free cash flow of $18.4 million for the quarter and $75 million for the year-to-date

In its outlook, Corus said in the fourth quarter, it continues to expect lingering impacts from the lengthy disruption of advertising markets due to the U.S. writers' and actors' strikes, over-supply of premium digital video inventory from foreign competitors, and generally lower demand for linear advertising.

The company expects year-over-year declines in Television advertising revenue in the fourth quarter of fiscal 2024 to be similar to the third quarter of fiscal 2024. It said amortization of TV program rights is expected to decline in the quarter by approximately 20% on a year-over-year basis. The company will continue with its implementation of additional cost reduction initiatives and expects general and administrative expenses to decline in the range of 10 to 15% for the fourth quarter compared to the prior year.

Corus "continues to expect improvement in the macroeconomic environment in the medium term, visibility remains limited at this time," the company said.