Specialty channel losses cut profits at TVA Group

MONTREAL - The costs of launching of three new specialty channels pulled down 2011 profits at Quebecor’s TVA Group. The Montreal-based television and magazine company reported net income for the fourth quarter ended December 31, 2011 of $11.5 million, down from $19.3 million in the same quarter of 2010. Its television sector's operating income dropped 32.5% to $18 million which the company attributed to losses at its TVA Sports and Sun News services, plus a drop in operating and advertising revenues at TVA Network. "The Television sector's financial results for the fourth quarter of 2011 were again affected by the...