Quebec media giant Quebecor Inc. on Wednesday reported it swung to a fourth quarter loss owing to the reduced value of intangible assets and financial derivatives.

The Montreal-based company recorded a net loss of $59.5 million, compared to a profit of $300,000 in the fourth quarter of 2013, even as overall revenue rose 2.9% to $989.4 million.

The fourth quarter loss was due to one-time items like a restructuring charge, impairment of broadcast license assets and a $49.9 million unfavourable variance in convertible debentures, without any tax consequences.

Those losses were offset by decreased financial expenses and a $5.1 million favourable variance in gains and losses from discontinued operations.

Despite its fourth quarter loss, Quebecor saw telecommunications revenue rise to $778.2 million, against a year-earlier $738.2 million, while media revenues were $227 million, well up from $189.7 million in 2013.