New channels, new mags cause earnings hit at TVA

MONTREAL – Quebecor Media’s TV and magazine division, TVA Group, reported a significant decline in net income for the first quarter of 2005, thanks to the launch of new TV channels and magazines. In the quarter, TVA launched digital specialty ARGENT, a business channel, and will soon debut Mystère, a digital mystery channel. Net income came in at $2.9 million for the quarter ended March 31, 2005, compared with net income of $8.3 million for same quarter of 2004. Also contributing to the decline was a higher rate of income tax resulting from the decreased use of future income tax...