CanWest Global Communications says its revenues are up but its share prices are down over last year.

The company, which last month got CRTC approval for its controversial $2.3-billion bid to take over Alliance Atlantis, released the results of its first quarter ending Nov. 30, 2007 in a conference call Thursday. While its consolidated revenues increased 8% to $868 million, its net earning per share dropped to $0.23 from $0.37 compared to its first quarter last year. CanWest blames foreign currency swap losses and $12 million in restructuring expenses on its decline in earnings, which fell to $41 million compared to $66 million for the same period last year.

‘Our strong first quarter results reflect good execution and a solid start to the fiscal 2008 year,’ said president Leonard Asper. Asper also noted that Global TV made its best showing in five years during the fall season with respect to its share of the top 10 shows in the three major markets of Toronto, Vancouver and Calgary, with more top shows among the 18-49-year-old demographic than any other broadcaster.

Asper expressed enthusiasm about integrating Alliance Atlantis’ broadcast assets ‘into the CanWest family.’

At its AGM in Toronto that afternoon, the company also unveiled a new corporate logo, a cluster of green and white hexagons that form a ‘C,’ and a shortened name. It is now called just ‘Canwest.’

Canada’s arts groups railed against the CRTC’s December decision to allow the $2.3-billion takeover of Alliance Atlantis. The takeover — first announced in January 2007– was controversial from the start because of the majority of the cash coming from Wall Street investment bank Goldman Sachs

Under the deal, Goldman Sachs would get a third of the voting shares, but almost two-thirds of the equity in CanWest Investments, a Canwest subsidiary that will acquire the Alliance Atlantis assets. CanWest is putting up about 36% of the money in the takeover, while Goldman Sachs is putting up 64%.

Groups including ACTRA and the Writers Guild of Canada argue that increased foreign control over Canadian broadcasting will damage Canadian cultural sovereignty, deepen the crisis in Canadian drama and potentially jeopardize Canadian content rules.