UPDATE 1-Corus Entertainment profit falls as television revenue slips

Thu Apr 11, 2013 7:42am EDT

* Second-quarter EPS C$0.07 vs C$0.38 year ago

* Results include pre-tax charge of C$25.0 mln for debt refinancing

* Consolidated revenue declines 11 pct

* Revenue at its television business falls 12 pct

April 11 (Reuters) - Canadian media company Corus Entertainment Inc reported an 81 percent fall in second-quarter profit due mainly to lower television revenue.

Net income attributable to shareholders fell to C$5.9 million ($5.8 million), or 7 Canadian cents per share, from C$31.6 million, or 38 Canadian cents per share, a year earlier.

The company said net income included a pre-tax charge of C$25.0 million related to debt refinancing.

Adjusted net income attributable to shareholders was C$24.4 million, down 23 percent from a year earlier.

Consolidated revenue for the specialty television producer, which focuses on content for children and women, fell 11 percent to C$183.7 million.

Revenue at its main television business fell 12 percent, while radio unit revenue was down 5 percent.

Corus sells subscriptions to its pay TV business -- Movie Central, which includes HBO Canada, via cable and satellite companies. It also owns several radio stations.

The company, controlled by the Shaw family, which also runs cable company Shaw Communications Inc, is looking to rein in costs as it struggles with unstable audience trends.

Corus said in March it would buy some French-language television assets and take full control of other programming in a three-way deal with Shaw and BCE Inc.

BCE is divesting some of its planned Astral Media Inc purchases to win regulatory approval.

Shares of Corus closed at C$25.71 on the Toronto Stock Exchange on Wednesday.

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