"Challenging Q3" means Corus will miss the low-end of 2013 profit guidance

TORONTO – Despite gains in net profit (thanks largely to the sale of non-controlling interests in Food Network Canada) and specialty TV advertising revenue in its fiscal third quarter, Corus announced Thursday that the company will miss the low-end of its profit guidance for FY2013. Net income attributable to shareholders for the three months ended May 31, 2013 was $89.9 million, a 108% increase compared to $43.2 in the third quarter of 2012. The hefty jump is a result of the company’s sale of its non-controlling interests in the Food Network Canada for $55.4 million. Without the Food Network Canada...