Corus Entertainment Inc. reported lower TV and radio profits in part due to a softer advertising market. According to its third-quarter financial results for the three-month period that ended May 31, 2013, reported on Thursday, television revenues were $153 million in the quarter, down from $154 million in the same period a year earlier. Radio revenues fell three per cent year-to-date, to $200 million in the third quarter from $204 million a year earlier. The company's total profits for the quarter were $68.2 million, down from $75.6 million a year earlier. "The third quarter was challenging on a number of fronts, most notably, advertising softness in Radio continued and our merchandising, production and distribution businesses faced tough year-over-year comparatives," John Cassaday, chief executive of Corus, said in a release. "We did deliver triple-digit growth in net income and earnings per share, and specialty advertising revenues increased by 9%, with growth in our key brands,” he said. During the quarter, Corus reached agreements to take ownership of specialty channels Teletoon, Historia and Séries+, as part of BCE Inc.'s deal to purchase Astral Media Inc. Also related to the deal, Corus will move into the Ottawa radio market with the ownership of stations CKQB-FM and CJOT-FM. The Competition Bureau approved the transaction in March, though it remains subject to CRTC approval. Corus said its profits over the past year included a pre-tax charge for debt refinancing of $25 million and a $55.4-million gain from the sale of its non-controlling interest in the Food Network. Corus owns a stable of specialty channels, including YTV, Oprah Winfrey Network (Canada), and Movie Central, as well as 37 radio stations.