May 19, 2024

The Queens County Citizen

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Revenues at TVA continue to decline

Revenues at TVA continue to decline

TVA Group's earnings continue to be poor.

The Quebecor subsidiary said its revenues at the start of the year fell 5% to 6.9 million from a year ago.

However, the Montreal broadcaster generated smaller losses in January, February and March than a year ago. The net loss was 17.9 million this year as against 23.5 million in the same period last year.

Big Boss Pierre Carl Peladay has described 2024 as a transition year as the restructuring plan announced in November is implemented.

The plan aims to refocus operations on TVA Group's broadcast mission and optimize the company's real estate portfolio to generate savings.

The restructuring was especially anticipated last fall because of the layoffs of about 550 employees, which equates to about a third of the workforce. Management has entered into agreements regarding the renewal of collective agreements of its employees in Montreal, Quebec and the territories.

TVA Group's annual meeting of shareholders will actually take place on Tuesday morning. Quebecor will hold its annual meeting of shareholders on Thursday.

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