While there were smiles across the aisle at rival Astral Media, Toronto-based Corus Entertainment warned it will reduce its 2009 earnings outlook due to Canada’s slowing economy. While overall quarterly income increased and revenues were up slightly from a year ago, radio was the red flag, showing Corus-owned radio station revenue was down 5% from the same time last year. In a statement, Corus says they expect “the slowdown in Canada’s GDP growth will have a negative impact on advertising spending,” leading them to reduce their future revenue forecast. Corus owns 52 radio stations through Canada.