06:42 AM EDT, 10/25/2024 (MT Newswires) -- Corus Entertainment (CJR-B.TO) on Friday said it swung to a net loss in the fiscal fourth quarter amid challenging industry-wide conditions.

The company's net loss attributable to shareholders was $25.7 million, or a loss of $0.13 per share, compared with net income of $50.4 million, or $0.25 per share.

The adjusted net loss came in at $4 million, or $0.02 per share, narrowing from a loss of $9.1 million, or a loss of $0.04 per share.

Revenue amounted to $269.4 million, down from $338.8 million.

The company continues to expect oversupply of premium digital video inventory from foreign competitors and generally lower demand for linear advertising. As a result, Corus expects year-over-year declines in television advertising revenue in the fiscal first quarter of 2025 to be similar to the fiscal fourth quarter of 2024.

Corus will also continue with its implementation of additional cost reduction initiatives and expects general and administrative expenses to decline in the range of 5% to 10% for the fiscal first quarter.