Regulatory, Telecom & Media News – Broadcast sector still profitable with exception of conventional TV, says CRTC

The CRTC has released its annual snapshot of the broadcast sector for 2022-23, which overall remained profitable, with the exception of conventional television. For the 2023 broadcast year, ended Aug. 31, 2023, the commission’s report says Radio, Discretionary TV, and Broadcast Distribution Undertakings (BDUs) remained in the black, while Digital Media Broadcasting Undertakings (DMBU), like Spotify and Disney+, experienced ongoing revenue growth. Conventional television continued to operate at a loss. In total, broadcasting revenues decreased by 0.37% from the 2022 to 2023 broadcast year. Commercial Radio reported a revenue decrease of .55%, Conventional TV (-7.16%), Discretionary TV (-6.31%), and BDU (-5.37%), compared to 2022. Digital undertakings on the other hand, reported revenue increases of more than 14%. Profit Before Interest and Taxes (PBIT) stayed positive for Commercial Radio (4.6%), Commercial Discretionary TV (12.1%), and BDU (7%), while the Commercial Traditional Television sector reported a PBIT margin of -30.5%. Read more here.

Corus Entertainment says it’s continuing to take steps to better manage its liabilities, announcing Monday it has once again amended its credit agreement in the face of more than $1 billion in outstanding debt. The company says with its bank group, led by RBC Capital Markets and TD Securities, its maximum total debt to cash flow ratio has been increased to 4.75 through to mid-October, with ability for the company to request advances under the revolving facility to a certain limit. The agreement includes requirements to use any excess cash to repay outstanding balances on the revolving facility and terms related to the use of proceeds on asset disposals, among other amendments. Read more here.

CBC/Radio-Canada has released Q1 financial highlights, reporting a revenue decrease of 3.0%, primarily due to lower TV advertising revenue as a result of a softer TV advertising market. Net results for the period were a loss of $3.6 million this quarter, compared to a loss of $7.8 million in the same period last year. Expenses increased by 5.8% mostly from higher programming costs and the timing of its broadcasting schedule, partially offset by lower pension expenses.

Bell Media says it’s no longer pursuing damages from Rogers Communications, following its competitors acquisition of the brand and content licensing rights to Warner Bros. Discovery’s slate of English-language lifestyle and factual channels in Canada. Bell had been seeking an injunction against Rogers Sports & Media, attempting to quash Rogers’ ability to broadcast some Warner Bros. Discovery content, starting next year. As reported by our sister publication, CARTT.ca, Warner Bros. Discovery allegedly failed to disclose to Rogers that it had a two-year non-compete agreement with Bell, prior to signing a multi-year deal for those rights in June, according to a court filing. Read more here.

The Government of Canada has announced the appointment of new members to the Independent Advisory Board on Eligibility for Journalism Tax Measures. They include Brenda O’Farrell, a former Senior News Editor at the Montreal Gazette, who now co-owns Quebec community newspaper publisher Brenmar Media; Michael Cooke, former Editor of the Toronto Star; Ravindra Mohabeer, Journalism Chair at The Creative School at Toronto Metropolitan University; and incoming Vice-Chairperson Margo Goodhand, former Editor-in-Chief of the Edmonton Journal and the Winnipeg Free Press.

The Jack Webster Foundation and the Law Society of British Columbia are presenting a free 2024 Legal Issues Masterclass, available in-person or online, for journalists, journalism educators and students. Set for Oct. 3, the masterclass will take place from 6 – 7:30 p.m. PT, with this year’s focus “Navigating the courts: what every journalist needs to know.” The panel will include: Daniel Coles, Media Lawyer, Owen Bird; Rhianna Schmunk, Senior Writer, CBC News; Scott Dawson, Media Lawyer, Dennis James Aitken LLP; and Rumina Daya, Senior Reporter, Global News. Register here.

The International Student Broadcasting Championship (ISBC) is open for submissions for the 2024 edition. Students can submit their entries through the ISBC website, which features detailed category listings. ISBC’s judging panel is made up of current media professionals from some of the world’s leading companies, ensuring entries are evaluated with industry-relevant criteria. Entries close. Nov. 1. The winners will be announced during a live-stream Nov. 22.