CTV rings in profits, despite ad downturn
Trimmed losses with cost-cutting measures, one-time itemsTORONTO -- Despite soft ad revenue during the economic downturn, Canadian TV ratings king CTVglobemedia managed to turn a profit at the end of 2009.
Minority shareholder Torstar Corp. on Wednesday said its share of the Canadian broadcaster's earnings to Dec. 31 was CAN$30.3 million ($29 million), compared to a loss of CAN$114.2 million in 2008.
Privately held CTVglobemedia, which operates the CTV national TV network and the Global and Mail national newspaper, posted a full-year 2009 loss of CAN$89 million ($86.5 million), against a loss of just over a CAN$1 billion in 2008 when the media group posted steep TV asset writedowns.
Torstar reported CTV managed to trim its losses in 2009 with cost-cutting measures and one-time items, including future tax asset and regulatory fee recoveries.
CTV in February led the Olympic Broadcast Media Consortium, which broadcast the 2010 Vancouver Olympics nationwide.