Minority shareholder Torstar Corp. continues to sustain losses from its CTVglobemedia investment, this time due to a tax valuation allowance.

As it released its second-quarter results Wednesday, Torstar recorded a one-time $29.9 million charge related to a valuation allowance against a portion of CTVgm’s ‘future income tax assets.’

Valuation allowances are made when a company believes it is not likely to realize anticipated tax deferral benefits based on current projections for future profitability.

The valuation allowance will reduce Torstar’s 20% stake in CTVgm, which runs the CTV network and The Globe and Mail newspaper, by $30.8 million, the newspaper publisher said.

Torstar last February recorded a $95.7 million write-down on its CTVgm investment to $200 million as the TV ad slump undercut revenues at its CTV and A networks.

Torstar results offer a rare peek at the financials for privately held CTVgm, besides CRTC filings. Excluding the valuation allowance, Torstar said its share of losses at CTVgm during the three months to June 30 was $2.3 million, against a loss of $6.9 million during the same period of 2008.

That brings Torstar’s total losses from its CTVgm investment to $34.5 million for the first half of 2009, which includes a first-quarter $5.3 million impairment charge related to the closure of certain local A stations.

Following a debt refinancing at CTVgm last April, Torstar said it could be on the hook for $45 million owing to senior lenders, an obligation it is attempting to assign to another CTVgm shareholder.