MONTREAL — Canuck broadcaster and TV producer Corus Entertainment swung to a $37 million loss in the third quarter, compared with earnings of $9 million a year earlier, due to a writedown of C$85 million ($62 million) on film assets.
Main offender was toon production company Nelvana, which has bled red ink for years.
Despite Nelvana, Corus posted generally upbeat results for the third quarter and nine months ended May 31.
Toronto-based company reported strong ad growth for its specialty TV channels and strong growth in free cash flow.
Revenue for the third quarter was $119 million, up 6% from $113 million in the same quarter last year.