CTVglobemedia losses grow before BCE takeover

As CTV moves into the BCE orbit, parent CTVglobemedia posted a loss of $145.5 million in 2010, up from a loss of $89 million in 2009, minority shareholder Torstar Corp. reported Wednesday.
CTVglobemedia

As CTV moves into the BCE orbit, parent CTVglobemedia posted a loss of $145.5 million in 2010, up from a loss of $89 million in 2009, minority shareholder Torstar Corp. reported Wednesday.

As Torstar released its fourth quarter results, the newspaper publisher reported financial information for CTVglobemedia, ahead of BCE paying $345 million for Torstar’s 20% stake to complete its wider takeover.

CTVglobemedia, which includes the Globe and Mail newspaper, reported revenue of $1.75 billion in 2010, down from year-earlier revenue of $2.11 billion.

The results are not directly comparable, as Torstar reported CTVglobemedia results for the 12 months to November 30 in 2009, and only for the nine months to August 31, 2010, just before it announced a deal to sell its stake to BCE and ceased directly accounting for CTVglobmedia in its own results.

CTVglobemedia also traditionally has its strongest earnings period during Torstar’s fourth quarter to December 31.

Torstar reported CTVglobemedia recorded an impairment loss on goodwill and intangible assets of $91 million in 2010, against an impairment loss of $84.3 million a year-earlier.