12:08 PM EDT, 10/25/2024 (MT Newswires) -- Corus Entertainment (CJR-B.TO) on Friday said its swung to a loss its its fiscal fourth quarter amid challenging industry-wide conditions.

The company's said it lost $25.7 million, or $0.13 per share, in the quarter ended Aug.31, compared with a profit of $50.4 million, or $0.25, in the year-prior quarter.

The broaddcaster's adjusted loss, excluding most one-time items, came in at $4 million, or $0.02, narrowing from a loss of $9.1 million, or $0.04.

Revenue fell 20% 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 2025 first quarter be similar to the fiscal fourth quarter.

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.

Corus' Class B shares were last seen down $0.02 to $0.14 on the Toronto Stock Exchange.

Price: 0.14, Change: -0.02, Percent Change: -12.50