Wednesday, February 25, 2009

Quebecor takes Q4 loss on newspaper writedown

Quebecor said its cable segment registered the strongest quarterly uptake in new customers on record in the final quarter of 2008. Total revenue in the quarter for the division, which includes television, Internet and telephone services, was up 10.8% to $473.5-million.

"At the same time, the newspapers segment is being impacted by the dramatic industry-wide changes of the past several years and the troubled financial and economic environment," said Pierre Karl Peladeau, chief executive of Quebecor.

As a result, Quebecor said it took a "significant" goodwill writedown on it newspaper holdings. Quebecor publishes the Sun Media Corp. national tabloid chain as well Osprey Media newspapers in Ontario.

The company announced in December that it was reducing newspaper staff by 10% due to falling advertising revenues.

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