Some Canadian media companies reported earnings this week, but everyone’s eyes were on my parent company Canwest. And by “everyone” I mean “The Globe and Mail, the CBC and the Toronto Star”, and by “eyes” I mean “daggers of hate”.
Canwest’s earnings report showed some bad numbers, made worse by both the current economic situation (which doesn’t look highly upon companies with a lot of debt) and the newspaper crisis. There are suggestions that the company might have problems making its debt payments and may be forced to sell assets, though upper management is forever optimistic (at least in its intracorporate literature). A bright spot apparently is that the National Post showed a profit for the first time, making the free-market economists they have as columnists seem slightly less hypocritical.