There were more than a few questions being asked about recent cuts in the operation of private television stations in this country.
Management called to testify before the House of Commons and local news coverage was sharply reduced, including elimination of some daytime newscasts and all of them on the weekends.
Well, we now have a bit of insight into why those decisions were taken.
StatsCan compiled financial performance figures for last year which showed TV station owners were not having much fun. Total sales for the year were the second-lowest in five. But profits were hit even harder.
Simply put, there were none. Now, the federal agency does not break it down by network so one or two might actually make money as some reported paying income tax but the private industry as a whole in Canada does not.
Losses last year reached $430 million. That’s almost double the losses experienced in two of the worst years in the past five and four times deeper than what they were dealing with five years earlier.
