CanWest Global Communications is again looking beyond the Great White North to add to its cache of broadcast holdings. And the company is looking specifically at the Hispanic market, CanWest Global chief Izzy Asper said after the annual shareholders meeting last Thursday.
The decision to build on the company’s global holdings was spurred by outstanding first-quarter results from the New Zealand and Oz acquisitions.
New Zealand’s TV3, in which CanWest holds a 20% stake, and Network Ten in Australia, in which the company has a 57.7% interest, contributed after-tax earnings of $ C8.8 million ($ 7.24 million) to the three-month period ended Nov. 30, 1993. That was a 400% increase from the same period a year earlier, when international earnings totalled $ C1.7 million ($ 1.36 million).
“They (TV3 and Network Ten) certainly justify the decision we took two years ago to make CanWest Global an international broadcasting company. These investments have more than doubled the size of the company,” said Asper.
After-tax profits skyrocketed 78% to $ 13.92 million, compared with $ 7.76 million for the first three months in the previous fiscal year. Canadian operating profits increased 5.1% to $ 20.72 million, up from $ 19.76 million.
Asper also said the company has expansion plans in Alberta, New Brunswick and Nova Scotia.