CTV cuts losses during economic upturn
Canuck broadcaster's losses down to $6.8 mil in Q2TORONTO -- Canadian broadcaster and newspaper publisher CTVglobemedia has managed to cut its losses as an industry-wide ad slump lifts, minority shareholder Torstar Corp. said Wednesday.
Second quarter results posted by Toronto-based Torstar indicate its loss owing to a 20% stake in CTVglobemedia to June 30 was $6.8 million, well down from a loss of $27.6 million during the same period of 2009.
Publicly-traded Torstar provides a window on the performance of privately held CTVglobemedia, which runs the top-rated CTV network and publishes the Globe and Mail daily newspaper.
Torstar's latest results included an $11.6 million impairment loss on a CTV-run broadcast license, while the second quarter of 2009 included a $29.9 million charge on future income tax assets at the broadcaster and newspaper publisher.
Torstar put the improved results at CTVglobemedia down to higher revenue and EBITDA, offset in part by higher amortization and interest expenses.
CTVglobemedia owns and operates 27 TV stations across Canada, including the CTV network, and a stable of cable channels, including The Sports Network, MTV, MuchMusic and The Comedy Network.