* Fourth quarter adjusted earnings C$0.31/shr vs estC$0.37/shr
* Radio revenue down 8 pct; TV revenue up 1 pct
* Company faces stiff competition from U.S. internet radio
Oct 24 (Reuters) - Canada's Corus Entertainment Inc reported that its profit nearly halved in the fourthquarter as a rise in TV subscribers and merchandising revenuefailed to offset the weakness in its radio business.
The company's radio stations face stiff competition fromU.S. internet radio companies such as Pandora Media Inc and Spotify.
Net profit attributable to shareholders fell to C$11.9million ($11.45 million), or 14 Canadian cents per share, in thefourth quarter ended Aug. 31.
Corus, which is controlled by the Shaw family, earned C$23.3million, or 28 Canadian cents per share, a year earlier.
Adjusted earnings were 31 Canadian cents per basic share inthe latest quarter, short of analysts average estimate of 37Canadian cents per share, according to Thomson Reuters I/B/E/S.
Consolidated revenue fell marginally to C$193.6 million.Revenue from radio fell 8 percent and accounted for a littleless than a fourth of total revenue.
Revenue from TV rose 1 percent, helped by a rise inspecialty advertising and subscribers.
Corus's television content includes Oprah Winfrey Network(Canada) and Nickelodeon (Canada) channel, which airs shows suchas SpongeBob Square Pants and Dora the Explorer.
Shares of Corus, closed at C$24.75 on the Toronto StockExchange on Wednesday.
- Company Earnings
- Corus Entertainment