CanWest earnings down

Ad revenues strong through international arm

TORONTO — A C$21 million ($15 million) restructuring charge, including a $5 million cut at its production division Fireworks Entertainment, took a bite out of CanWest Global Communications’ fiscals this quarter.

Net earnings for the third quarter ended May 31, released Thursday, were $8.6 million, compared to $22.2 million a year ago. The figure includes $15 million in restructuring, primarily in the Winnipeg-based media company’s publishing operations and Fireworks Entertainment. Excluding one-time items, net earnings would have been $23.6 million.

Combined revenues in the quarter were $492.6 million, a 6% increase from $464 million the company posted for the third quarter of 2002.

Ad revenues were strong and its international division, which includes Australia’s Network TEN and TV3 and TV4 in New Zealand, reported healthy growth. TV revenues in Canada were hit by the war in Iraq, which scuttled some ad sales, and NHL playoffs, in which two Canadian teams progressed to later rounds. Pubcaster CBC holds rights to the playoffs.

Global TV had four of the top ten shows in Toronto and three in Vancouver, however, including “Survivor VI,” “Friends,” “Will and Grace” and “The Simpsons.”

Fireworks founder Jay Firestone ankled the company in May. However, CanWest prexy and CEO Leonard Asper denied that it is being wound down, despite announcing further cuts to come in the division.

He said CanWest bought Fireworks six years ago as a vehicle to own, produce and control programming “so we’re not as dependent on the Foxes and the Paramounts and the Warner Brothers of this world” — and that remains unchanged.

However, he added, because of the weak international market, Fireworks will work more closely with the Global Television Network rather than depending on international distribution. The company will look to the international market, primarily the U.S., for co-production financing.

More Biz

  • L.A. Women's March: Scarlett Johansson, Viola

    Viola Davis, Scarlett Johansson, Others Rally Thousands at Los Angeles Women's March

    TORONTO — A C$21 million ($15 million) restructuring charge, including a $5 million cut at its production division Fireworks Entertainment, took a bite out of CanWest Global Communications’ fiscals this quarter. Net earnings for the third quarter ended May 31, released Thursday, were $8.6 million, compared to $22.2 million a year ago. The figure includes […]

  • Thousands of people gather holding protest

    Marchers Reference 'Get Out,' 'Black Mirror' at New York City Women's March

    TORONTO — A C$21 million ($15 million) restructuring charge, including a $5 million cut at its production division Fireworks Entertainment, took a bite out of CanWest Global Communications’ fiscals this quarter. Net earnings for the third quarter ended May 31, released Thursday, were $8.6 million, compared to $22.2 million a year ago. The figure includes […]

  • Los Angeles Women's March

    How to Watch the Los Angeles Women’s March Online

    TORONTO — A C$21 million ($15 million) restructuring charge, including a $5 million cut at its production division Fireworks Entertainment, took a bite out of CanWest Global Communications’ fiscals this quarter. Net earnings for the third quarter ended May 31, released Thursday, were $8.6 million, compared to $22.2 million a year ago. The figure includes […]

  • Lori Mccreary and Gary Lucchesi PGA

    How Harvey Weinstein Drove the PGA to Combat Sexual Harassment on Set

    TORONTO — A C$21 million ($15 million) restructuring charge, including a $5 million cut at its production division Fireworks Entertainment, took a bite out of CanWest Global Communications’ fiscals this quarter. Net earnings for the third quarter ended May 31, released Thursday, were $8.6 million, compared to $22.2 million a year ago. The figure includes […]

  • Bob Bakish, President and CEO of

    Viacom CEO Bob Bakish Earned $20.3 Million in 2017

    TORONTO — A C$21 million ($15 million) restructuring charge, including a $5 million cut at its production division Fireworks Entertainment, took a bite out of CanWest Global Communications’ fiscals this quarter. Net earnings for the third quarter ended May 31, released Thursday, were $8.6 million, compared to $22.2 million a year ago. The figure includes […]

  • Ross Levinson LA Times

    L.A. Times Publisher Placed on Unpaid Leave Amid Sexual Harassment Investigation

    TORONTO — A C$21 million ($15 million) restructuring charge, including a $5 million cut at its production division Fireworks Entertainment, took a bite out of CanWest Global Communications’ fiscals this quarter. Net earnings for the third quarter ended May 31, released Thursday, were $8.6 million, compared to $22.2 million a year ago. The figure includes […]

  • Time Warner

    Judge Indicates Shutdown Won't Delay AT&T-Time Warner Antitrust Case

    TORONTO — A C$21 million ($15 million) restructuring charge, including a $5 million cut at its production division Fireworks Entertainment, took a bite out of CanWest Global Communications’ fiscals this quarter. Net earnings for the third quarter ended May 31, released Thursday, were $8.6 million, compared to $22.2 million a year ago. The figure includes […]

More From Our Brands

Access exclusive content