(Adds details, estimates)
Jan 11 (Reuters) - Canadian media company Corus Entertainment Inc CJRb.TO reported a lower-than-expected quarterly profit for the twelfth straight quarter, hurt by lower revenue at its television business on a pro-forma basis.
This is the first quarter in which Corus' results include its 2016 acquisition of media assets from sister company Shaw Communications Inc SJRb.TO and excludes Corus' pay television business, which the company exit last year.
Corus, whose existing content targeting women and children was augmented with the Global News network and lifestyle channels through the C$2.65 billion Shaw deal, said subscriber revenues at the company's television business shot up by 45 percent, or 6 percent on a pro-forma basis.
However, advertising revenue fell 7 percent, while merchandising, distribution and other revenues slumped 33 percent on a pro-forma basis.
Overall revenue fell 5 percent on a pro-forma basis.
"Our Q1 results reflect meaningful improvements in our cost structure, with solid segment profit margins and subscriber revenue growth offset by transitional advertising revenue softness, as anticipated," Chief Executive Doug Murphy said. income attributable to shareholders rose to C$71.1 ($53.68) million in the first quarter ended Nov. 30 from C$41.3 million a year earlier.
The company reported earnings of 36 Canadian cents per share, compared with 47 Canadian cents per share, a year earlier.
The Toronto-based company reported revenue of about C$468 million, missing the analysts' average estimate of C$478.7 million.
Corus reported adjusted earnings of 41 Canadian cents per basic share. Analysts on average had expected 45 Canadian cents, according to Thomson Reuters I/B/E/S. ($1 = 1.32 Canadian dollars)