MONTREAL — Canadian broadcaster and producer Alliance Atlantis Communications announced Friday that it is writing down its investment in specialty broadcaster Headline Media Group from C$27.3 million ($18 million) to $2.1 million. The change will be reflected in the third-quarter financial results of Toronto-based Alliance Atlantis, to be released Feb. 28.
Alliance Atlantis owns 32% of Headline Media. Headline, which owns two specialty channels, sports web the Score and the troubled gay-themed network PrideVision. Headline Media pinkslipped about half of the staff at PrideVision in December and, in January, reported a year-end loss of $23.6 million, compared with a loss of $14.6 million in 2001.
Alliance Atlantis owns a host of specialty channels including Showcase Television, the Life Network and Independent Film Channel Canada.