Corus Entertainment takes $350M goodwill impairment charge, reports Q4 loss

The new Corus logo at Corus Quay in Toronto is photographed, June 22, 2018. THE CANADIAN PRESS/ Tijana Martin

TORONTO — Corus Entertainment Inc. reported a fourth-quarter loss of $367.1 million as it took a one-time, non-cash charge related to its television business which it says fell short of previous estimates with an outlook that was less robust.

The television and radio broadcaster says the goodwill impairment charge amounted to $350 million.

Corus CEO Doug Murphy says the company experienced meaningfully lower financial results given the impacts of an uncertain economic environment on advertising demand in the quarter.

The overall loss for the quarter amounted to $1.82 per diluted share for the quarter ended Aug. 31 compared with a profit of $19.9 million or 10 cents per diluted share in the same quarter a year earlier.

Revenue for the quarter totalled $339.6 million, down from $361.3 million in the same quarter last year.

On an adjusted basis, Corus says it lost $17.1 million or eight cents per share in its latest quarter compared with an adjusted profit of $21.7 million or 10 cents per share a year ago.

This report by The Canadian Press was first published Oct. 21, 2022.