Higher programming costs, tough ad market hit TVA

MONTREAL - TVA Group’s net income fell 19.8% to $14.1 million in the second quarter of 2005, ended June 30th, compared to the same quarter last year. The publishing and broadcasting company blamed the decrease on “a more difficult advertising market, combined with higher programming costs for TVA Network, with the latter essentially the result of investments in new shows. The losses incurred by our new television stations (such as Toronto 1) and new magazines are also partially responsible for the reduced net income. EBITDA for the second quarter was $24.7 million, compared with $29.7 million for the same quarter...