Shaw posts loss on devaluation of its Corus stake

Shaw Communications Inc. says it lost $91 million in its third quarter, primarily related to a $284-million impairment charge related to its stake in Corus Entertainment Inc.

The Calgary-based cable, internet and wireless company said the loss amounted to 18 cents per share, which contrasted with a year-earlier profit of $133 million, or 27 cents per share.

Shaw acquired its stake in Corus in 2016 when it sold Shaw Media for cash and stock valued at $2.65 billion.

Corus stock closed near an all-time low on Wednesday after it announced a dividend cut and took a $1-billion impairment charge on its television assets.

Shaw says its core business operations generated $1.3 billion of revenue in the quarter ended May 31, up from $1.22 billion a year earlier.

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