CTVglobemedia broadcast losses grow
Cites lower ad revenue during the economic downturnTORONTO -- Canadian TV ratings king CTVglobemedia continues to sustain losses on lower ad revenue during the economic downturn.
Minority shareholder Torstar Corp. on Wednesday said its share of the Canadian broadcaster's loss during the third quarter to Sept. 30 quadrupled to CAN$13.6 million ($12.7 million), compared to a loss of CAN$2.8 million in 2008.
Privately-held CTVglobemedia, which operates the CTV national TV network and the Global and Mail national newspaper, offset lower radio and TV ad revenue during the latest quarter with cost-cutting measures, Torstar reported.
Separately, CTV reported it has seven of the top ten shows on Canadian primetime TV, based on BBM Canada audience data. CTV hit shows include ABC's "Grey's Anatomy," "Criminal Minds," and "Amazing Race 15." Other standouts include "CSI: Miami" and "CSI: New York."
But as with rival broadcasters also posting losses in 2009, CTV is struggling with falling ad revenue and asset writedowns in a challenging economy.
The overall TV ad revenue slide has also come as the cost of U.S. network series for CTV, Global Television and other networks continues to climb.
Torstar's share of CTVglobemedia's losses so far in fiscal 2009 are CAN$48.1 million ($45 million), against a year-earlier loss of CAN$3.6 million.