CanWest profit boosted by TV3 revenue of €7million - Irish Times

Elmo

Barry O'Halloran, Page 21, the Irish Times, Thursday, January 13, 2005
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Irish commercial broadcaster TV3 contributed €3.1million in first-quarter operating profits to one of its two main shareholders, latest figures show.

Canadian media operator CanWest, Which owns 45% of TV3, said that the Irish station chipped in €7million in revenues in the 3 months to the end of November, the first quarter of the company's fiscal year.

TV3's contribution during the same period in 2003 was €6million.

The company's results show that TV3 earned €3.1million in operating profits for CanWest during the quarter, compared with €2.3million the previous year.

CanWest president and chief executive Mr. Leonard Asper said that the company's international operations, including TV3, continued to deliver "outstanding" results.

The Irish station's earnings growth was over 33%, compared with 16per cent for the group as whole.

CanWest bought a 45% stake in TV3 in 1998. The station began broadcasting in the Republic the same year.

In the year to the end of August, TV3 accounted for €7million of the group's overall earnings, which was its best performance to date, according to Mr. Asper. It also contributed €22million to revenues during the year.

CanWest's figures show that its first quarter revenues where C$872.6 million (€548 million), compared with $800.6 million in 2003.

Operating profits, before interest, tax and write-offs during the first quarter were C$289.6million, as against C$250.4 million in 2003.

TV3's other big shareholder is British independent television producer, Granada, which owns 45% of the Irish Company.

Granada bought its stake after TV3 made a bid for the rights to screen Coronation Street, which is now the station's flagship soap.

It also broadcasts other Granada productions.

Last July, CanWest sold its 29.9% holding in Northern Ireland's UTV to 12 institutional investors for €89 million.

The deal resulted in a gain of about €31,000,000 in dividends on its original investment in the company in 1997.

Over the intervening seven years, it received around €21,000,000 dividends from UTV.

CanWest Global Communications is Canada's biggest television network operator and newspaper publisher.

It also has online businesses interests, radio interests in New Zealand and outdoor media interests in Australia.
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icdg

Hmm, the full article refers to "Emmerdale Farm" and Granada rather than ITV plc who have now inheirted that shareholding...

Elmo

Hmm, the full article refers to "Emmerdale Farm" and Granada rather than ITV plc who have now inheirted that shareholding...

Why the Hmm? I think we're just getting into semantics (sp?) now.