Asian Television Network (ATN), Canada’s largest South Asian broadcaster, announced Wednesday that it initiated a strategic review that could see the company partially or wholly sold off.
The broadcaster, which has 54 specialty television channels, said the review will explore a “range of transactions” with no guarantee that there will be any such deal at the end of the review.
The company is enlisting Toronto-based Blair Franklin Capital Partners as its financial advisor to explore its options. In the meantime, the broadcaster’s operations will continue without disruption, and the company will “provide updates as appropriate,” it said in a press release.
The company in May secured an agreement to expand the number of channels on Rogers cable in western Canada, which was expected to significantly boost the company’s subscription-based revenue.
The company reported $1.74 million in revenue in the first quarter, lower than the $1.9 million it reported in the same period last year. It also logged a net loss of $304,486 in that quarter, roughly $86,000 more than the equivalent period.
