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CanWest’s earnings flat but revs rise

Revenue for b'casting operations fell 3% to $166 mil

TORONTO — CanWest Global reported flat earnings and a slight uptick in revenue Wednesday as the Winnipeg-based media company’s foreign subsids continued to outperform its domestic TV and newspaper holdings.

CanWest reported earnings of C$53 million ($43.9 million) for the third quarter ended May 31, down slightly from $44.7 million a year ago, on revenue that climbed 3% on the comparable quarter to $670.7 million.

Domestically, revenue at CanWest’s broadcasting operations fell 3% to $166 million as ratings and ad sales continues to falter in comparison with those of rival CTV. Company reported that it has “increased significantly its investment in new programming and is optimistic about the prospects for improved ratings in the next financial year.”

Canuck publishing and online revs were up 4% at $267 million.

CanWest’s Australian TV operations Ten Television Network posted a 3% gain in revenue to $160.6 million. Ten is leading in the people 16-39 demographic and for the week ended July 9 scored seven of the top 10 shows in that target market.

The company’s New Zealand TV holdings, CanWest MediaWorks (NZ), posted a strong third quarter, with revenues at TVWorks up 16% to $25.7 million and an 11% increase in its radio operations to $19 million.

CanWest’s 45% interest in TV3 Ireland saw revenue climb 10% to $8.3 million.

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