Quebecor reported a modest revenue increase of 1.1% in its Q3 2025 earnings, driven by its telecommunications and sports and entertainment segments, and partially offset by a 1.9% revenue decrease in media.

TVA Group saw a quarterly revenue decrease of 5.5%, with Quebecor CEO and president Pierre Karl Péladeau pointing to a decline in advertising revenue and a lack of blockbusters at the company’s MELS Studios.

Below are key insights from Quebecor’s Q3 earnings report, released Nov. 6, and its media segment.

Overall Q3 revenue: $1.41 billion

YOY change: A 1.1% increase from $1.39 billion

Reason for change: A 1.1% increase in telecommunications revenue to $1.22 billion from $1.20 billion, and a 6.7% increase in sports and entertainment revenue to $68 million from $64 million.

Q3 media segment revenue: Decreased 1.9%, falling to $152 million from $155 million.

Reason for decrease: Financial and economic market conditions such as tariffs and trade barriers, along with variations in the businesses of local, regional and national advertisers of Quebecor’s advertisers.

TVA Group revenue: $106.2 million in Q3, representing a decrease of 5.5% ($6.2 million). Péladeau attributed the decrease to a decline in advertising revenue and less blockbusters at MELS Studios.

Q3 adjusted EBITDA: Each of Quebecor’s segments saw increases in adjusted EBITDA through the quarter. Telecommunications rose to $603 million from $586 million, sports and entertainment jumped to $15 million from $12 million, and media increased to $23 million from $14 million. The media segment’s cash expenditures decreased to $2 million from $8 million in the same period last year.

TVA Group’s market share: TVA Group’s broadcasting activities recorded a combined Quebec market share of 41.2% in Q3, a YOY increase of 2.2 points.

Péladeau on TVA Group: “Although TVA Group posted adjusted EBITDA of $18.5 million in the third quarter of 2025, thanks to numerous restructuring measures over the past two years and certain non‑recurring favourable retroactive adjustments in 2025, this was not enough to achieve profitability for the first nine months of the year.”

On federal government action and budget: “Unfortunately, the federal government has completely ignored our industry and turned a blind eye to the crisis that is hitting television broadcasting so hard. There is no tax credit for television journalism, no tax incentives for advertising in Québec and Canadian media and no information about when the digital services tax already paid by private broadcasters will be refunded.”

With files from Media in Canada‘s Andrea Hernandez

Image courtesy of Quebecor