TVA Group’s results for the first quarter of 2024 remain significantly affected by the decrease in advertising revenue.
Continuing in the same vein as in 2023, the company is recording revenue losses, despite the restructuring plan initiated last November.
During this first quarter, which ended on March 31, TVA Group notably saw its revenues drop by $6.9 million compared to last year.
TVA Group, however, recorded a net loss attributable to shareholders of $17.9 million, a favorable difference of $5.6 million compared to the first quarter of 2023.
According to the interim president and CEO of TVA Group, Pierre Karl Péladeau, these deficits are attributable to the decline in the company’s advertising revenues, resulting in earnings before interest, taxes, depreciation and amortization (EBITDA) of – $21.6 million.
“The year 2024 represents a year of transition during which we continue to deploy the major reorganization plan announced on November 2, in particular by refocusing our activities on our mission as a broadcaster and by optimizing our real estate portfolio, to thus generate , over the coming quarters, the significant savings resulting from these rationalization measures,” he indicated, highlighting the various agreements concluded with the unions.
Despite the difficulties and challenges that TVA Group faces, its television channels continue to record significant market shares in Quebec.
“This winter, the TVA Network remained the most popular every day of the week and broadcast 7 of the 10 most watched programs in Quebec […] For its part, TVA Nouvelles remains in the lead in each of the broadcast slots, attracting 4.1 million people weekly,” mentioned Mr. Péladeau.
The president and interim head of TVA Group also recalled that the creation of the television channel QUB radio and “Témoin”, a channel specializing in content on crimes and scandals, as well as the review of the vocation of certain services specialists will “better respond to the interests of its customers”.
