Covid crisis bruises TVA Group

MONTREAL – Quebecor Media’s TVA Group reported across the board declines in revenue and earnings for the third quarter of its fiscal year. Operating revenues came in at $119.5 million for the third quarter ended September 30th, a year-over-year decrease of $6.1 million. Net income attributable to shareholders was $8.4 million, compared with $13.4 million in Q3 2019. Earnings before interest, taxes, depreciation and amortization (EBITDA), came in at $23.3 million, a $7.8 million decrease. Of that, $16.9 million in EBITDA came from the company’s broadcasting segment, a $5 million “unfavourable variance due primarily to a 71.1% decrease in adjusted...