A combination of disciplined cost management, expanded broadcast partnerships, and strong TV market share helped drive an earnings surge for Quebecor’s Media segment in the third quarter of 2026.
Reporting its consolidated financial results for the quarter ended Sept. 30 on Thursday, Quebecor saw total revenues rise 3.5% to $1.45 billion, with consolidated adjusted EBITDA reaching $706.7 million (up 12.5%) and net income attributable to shareholders climbing 25.5% to $296.4 million ($1.33 per basic share).
While Quebecor’s Telecom division generated the bulk of top-line growth, the company’s Media segment saw adjusted EBITDA surge 69.7% year-over-year to $16.3 million, despite modest overall top-line revenue growth of 1.4% to $154.2 million.
Cost disciplines and subscriptions fuel profit growth
Quebecor subsidiary TVA Group, which encompasses its primary television network and specialty channels, was the generator behind media segment profitability, reporting adjusted EBITDA of $32.8 million for the third quarter, up $14.3 million compared to Q3 2025.
President and CEO Pierre Karl Péladeau credited strategic restructuring, targeted content investments, and emerging revenue streams for its strong quarterly showing.
“This improvement was mainly attributable to savings generated through various cost‑reduction initiatives, including lower content costs, higher subscription revenues at TVA Sports, driven by TVA Sports Direct and new carriage rate agreements, as well as the recognition of the estimated benefit from the new tax credit for Québec news media organizations,” Péladeau stated in the earnings report.
Despite strong financial momentum in the quarter, he cautioned that traditional media operators still face structural headwinds.
“While we welcome these results, we remain prudent and disciplined given the ongoing challenges facing the industry, particularly in advertising revenues,” Péladeau said.
Market share dominance
In the quarter, TVA Group held a market-leading 43.5% audience share in Québec – an increase of 2.3 points from the third quarter of 2025, according to data supplied in the earnings report. The flagship TVA Network reported 23.1% market share (up 1.0 point), anchored by hit programming like Chanteurs masqués and Indéfendable.
In news and public affairs, specialty channel LCN led the market with a 9.2% market share (up 1.2 points). Driven by election coverage, including the Face‑à‑face 2026 debate and Québec 2026 election-night programming, Quebecor said LCN and the TVA Network solidified their positions as Québec’s primary political news outlets.
The media division also secured long-term stability for its sports rights portfolio in the quarter with the signing of a new 12-year sub-licensing agreement with Rogers Communications for French-language broadcast rights to NHL games. Running through the 2037–38 season, the deal locks in TVA Sports as the primary French-language destination for NHL broadcasts.
Quebecor confirmed its subscription streaming platform, illico+, will play a key role in distributing NHL game content moving forward.
“In an environment marked by changing viewing habits and the diversification of distribution platforms, illico+ will also become part of the distribution ecosystem,” Péladeau highlighted, pointing to the expanding multi-platform approach for French-language sports rights.
