Slumping ad sales pull down broadcaster profits, but foreign programming hits highest level yet

OTTAWA-GATINEAU – Just prior to announcing its new broadcast regulatory framework on Monday, the CRTC released the financials on Canada’s conventional television stations for the 2009 broadcast year.From September 1, 2008, to August 31, 2009, private broadcasters saw their total revenues shrink by 7.9%, going from $2.14 billion in 2008 to $1.97 billion in 2009. Although operating expenses were cut by 2.4%, these broadcasters lost $116.4 million before interest and taxes over the year, which resulted in a negative profit margin of 5.9%.In 2008, private broadcasters reported profits before interest and taxes (PBIT) of $8 million and a PBIT margin...