Tag Archives: CanWest

“Budget 2007” Global National Broadcasts Live, Half-Hour Special On Monday,

While the Canadian government tables their 2007 Federal Budget, Kevin Newman and the Global National team will provide Canadians with live analysis of the budget details, bringing real-world perspective and insight on the major issues.

Joining Newman on this half-hour special is Ottawa bureau chief Jacques Bourbeau, and political correspondents Hannah Boudreau, Peter Harris and Ben O’Hara-Byrne, who will focus on the budget results and reactions from the Opposition. National Post’s Don Martin and a team of analysts and financial experts will deliver additional commentaries, breaking down the budget and making them relevant to viewers. Is the Harper government going to cut taxes to help Canadians? Will this budget be used as a spring board to an early election campaign?

Reporters Tara Nelson, Francis Silvaggio and Mike Armstrong will provide local context, speaking directly to Canadians on how their lives will be influenced by the government’s budget decisions.

The Global National newscast will follow at its regular scheduled time at 5:30 p.m. local.

CanWest Australia Q1 2007

WINNIPEG, Dec. 5 /PRNewswire-FirstCall/ – CanWest Global Communications Corp. announced today that The Ten Group pty Limited (TEN), the company that owns CanWest’s Australian television and out-of-home advertising operations, reported consolidated revenues of A$294 million and EBITDA of A$107 million for the first quarter of its 2007 fiscal year, ended November 2006. Consolidated revenues were essentially the same as those reported in the same period one year ago, representing a significant recovery from revenue declines in each of the previous four fiscal quarters.

Consolidated EBITDA declined by 15.6% compared to the same period one year ago, reflecting increased programming costs incurred during the quarter for new shows such as Jamie’s Australian Kitchen and Tripping Over. Notwithstanding the decline in quarterly consolidated EBITDA, TEN television network’s EBITDA margin in the first quarter topped 40% and TEN continues to dominate Australia’s 16-39 demographic and is building a leadership position in the 18-49 demographic as well. CanWest holds a 56.4% economic interest in TEN.

TEN declared an interim dividend for the July-December period, which will result in CanWest receiving dividends and interest on its subordinated debentures in the aggregate amount of approximately A$47.8 million (approximately C$43.0 million at current foreign exchange rates) in late December 2006.

Tom Strike, President of CanWest MediaWorks International, noted that despite the slow start, fiscal 2007 is shaping up as a return to industry leading profit margins at TEN for both its television and out-of-home operations. "TEN is expected to steadily gain traction through the remainder of the current fiscal year. We are confident that TEN’s television network will garner a 30% revenue share of the Australian television ad market over the course of the coming year."

Nick Falloon, TEN’s Executive Chairman, said that the turnaround at the TEN television network was built on strong ratings momentum coming out of its last fiscal year. For the first time, TEN was number one among 18-49 year old television viewers, and for the sixth consecutive year was the number one television destination for the younger 16-39 year old viewers. "TEN is in a stronger position with advertisers than its rivals for the coming year," said Mr. Falloon, referring to the upcoming renewal process for annual advertising commitments that precedes the launch of the new television season in Australia. "We have the ratings momentum, all of our top programs are returning, we have a string of promising new shows, and we are focused upon becoming the EBITDA leader in the Australian television sector."

All of TEN’s key television franchises are returning this year, including domestic hits Big Brother, Australian Idol, Rove Live and Neighbours. TEN will also continue to field a strong international line-up led by House and the Law & Order franchise.

Falloon added that TEN’s out-of-home advertising operation – Eye Corp. – will continue its aggressive growth strategy. "These are exciting times for Eye," said Mr. Falloon. "With the recently announced acquisitions in the U.S., we expect that Eye Corp. will be the largest mall advertising company in the U.S. by mid-year." Eye’s expansion into U.S. malls will mean short term losses as its Eye Shop operations establish themselves in North America, however Eye’s established operations in the South Pacific are expected to continue to return a sector-leading EBITDA margin in the current fiscal year.

These results are recorded in accordance with Australian Equivalents to International Financial Reporting Standards and will be subject to foreign currency translation and adjustment to Canadian GAAP upon consolidation with CanWest’s other operations.

CanWest posts Q4 profit of $155M

WINNIPEG (CP) _ Media giant CanWest Global Communications Corp. (TSX:CGS.A) has swung to a fourth-quarter profit of $155 million, reversing a year-ago loss of $106 million, after major cost-cutting.

The results came out Thursday after CanWest MediaWorks Income Fund (TSX:CWM.UN) reported that the CanWest limited partnership that is Canada’s largest publisher of newspapers, also reported a profitable fourth-quarter, with earnings of $46.5 million, up from a year-earlier loss of $4.9 million.

CanWest MediaWorks Limited Partnership is 74.2 per cent owned by CanWest Global, while the fund holds a 25.8 per cent stake. For CanWest Global, the profits amounted to a gain of 87 cents a share on sales of $655 million during the three months ended Aug. 31, compared with a loss of 60 cents per share on sales of $694 million a year ago.

For the year, net earnings were $179 million or $1.01 per share, up sharply from $10 million or six cents per share in 2005. The full-year results included a $164-million gain on the sale of TV3 Ireland in the fourth quarter. Consolidated revenues were $2.9 billion for the year, down five per cent from $3 billion the year before.

"All our major operations faced difficult advertising markets over the past year with adverse currency translation contributing further to declines in results from the South Pacific," stated CanWest Global CEO Leonard Asper.

"Markets now appear to be stabilizing and we expect a firming of revenues and EBITDA (pre-tax earnings) in the new fiscal year."

CanWest MediaWorks, for its part, had revenue of $274.4 million for the quarter ended Aug. 31, a one per cent increase over the same quarter last year. The fund attributed the increase in net earnings to reduced interest expense and income tax expense after the change in corporate structure to a limited partnership in October 2005.

"From an EBITDA perspective, we achieved growth in excess of 30 per cent in Q4, largely as a result of the restructuring of Dose in Q3, and cost-reduction efforts implemented during the year," partnership CEO Peter Viner said during a conference call with analysts.

"Cost containment will continue to be a major focus in fiscal 2007."

For the financial year, net earnings totalled $160.7 million, up from $25.7 million in the previous year, while annual revenue rose three per cent to $1.17 billion.

MediaWorks owns 10 major daily newspapers: Vancouver Sun, Vancouver Province, Ottawa Citizen, Montreal Gazette, Edmonton Journal, Calgary Herald, Windsor Star, Victoria Times-Colonist, Regina Leader Post and Saskatoon Star Phoenix. Other holdings include a one-third interest in Metro Ottawa and Metro Vancouver, free commuter dailies, together with 23 smaller community daily, weekly and bi-weekly publications.

CanWest Global is an international media company, whose other holdings include the Global Television Network, as well as stakes in conventional television, specialty cable channels, web sites and radio stations and networks in Canada, New Zealand, Australia, Turkey, Singapore, Indonesia, Malaysia, the United Kingdom and the United States.

On the TSX Thursday, CanWest MediaWorks units were trading down 23 cents, or 3.3 per cent, at $6.73, while CanWest Global stock was unchanged at $10.27.

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