Quebecor President & CEO Pierre Karl Péladeau blasted the lack of support for broadcasters in this week’s federal budget as the company reported its consolidated financial results for the third quarter of 2025.
Net income attributable to shareholders was $236.1 million ($1.03 per basic share), an increase of $47.1 million ($0.22 per basic share) or 24.9%. The Media and Sports and Entertainment segments posted increases of $8.7 million (59.2%) and $3.3 million (28.2%) respectively in adjusted EBITDA in Q3.
TVA Group generated revenues of $106.2 million in the third quarter of 2025, down $6.2 million (‑5.5%), and year‑to‑date revenues of $355.3 million, down $30.3 million (‑7.8%). Although TVA Group posted adjusted EBITDA of $18.5 million in the third quarter of 2025, mainly due to restructuring measures over the past two years, it was not enough to achieve profitability for the first nine months of the year.
“These measures are not sustainable in the medium term and are far from sufficient to secure the long‑term viability of our business, given in particular the ongoing, accelerating decline in advertising revenues, compounded by the absence of foreign blockbusters at MELS’ studios,” Péladeau stated in an earnings release. “It is therefore imperative that governments also act and take the necessary steps to support domestic media companies in the long term.”
“Unfortunately, the federal government has completely ignored our industry and turned a blind eye to the crisis that is hitting television broadcasting so hard. There is no tax credit for television journalism, no tax incentives for advertising in Québec and Canadian media, and no information about when the digital services tax already paid by private broadcasters will be refunded,” he continued. “Furthermore, CBC/Radio Canada’s annual funding has been increased by $150 million without any requirement to eliminate advertising on its platforms or to curb its unfair commercial competition with Canada’s private television broadcasters. Regrettably, this new government has missed an opportunity to support an industry facing ever-growing challenges and job losses at an alarming rate.”
Péladeau is urging the Québec government to swiftly implement recommendations resulting from its task force on the future of the province’s audiovisual industry. Released earlier this fall, the report calls for advertising to be removed from public broadcasters like Télé-Québec; the introduction of SODEC (Société de Développement des Entreprises Culturelles) funding to support digital-first projects; accelerators to ease bureaucratic restrictions that slow down production; and the creation of new revenue streams for the industry, including a share of the Quebec Sales Tax (QST) from online services and subscriptions reinvested into the audiovisual sector.
Quebecor posted an 18.7% increase in free cash flows from operating activities in the third quarter, a 5.7% increase in adjusted EBITDA, which was up across all business segments; a 1.1% increase in revenues and a 25.7% increase in adjusted net income. The company also lowered its consolidated net debt leverage ratio to 3.03x as of Sept. 30.
