Argent, the only French-language business specialty channel in Canada, is being shut down on April 30, owner Groupe TVA announced on Tuesday.
The television and cable industries are in turmoil and TVA Group has concluded that, despite the marketing efforts made in recent years to support Argent, it would be difficult if not impossible to achieve the profitability to continue operating the economic and financial channel.
I’m not sure what those “marketing efforts” were exactly (I’ve never seen an ad for the channel, beyond the branded business pages of the Journal de Montréal), but questions can certainly be raised about TVA’s commitment to the channel, which for one thing was never distributed in high definition, even on Quebecor’s Videotron cable system.
After taking its usual unnecessary swipe at Canada’s public broadcaster (which doesn’t have a business news channel), TVA said the decision would affect an unspecified number of employees. La Presse reports its nine permanent employees will stay with TVA, but their shift to other jobs might affect temporary employees at LCN and elsewhere.
The channel launched in 2005.
According to data submitted to the CRTC, Argent’s financial situation has been in significant decline since 2010-11, going from $4.2 million in revenue to $2.4 million in 2013-14. (Data for the year ending Aug. 31, 2015 should be out within the next month or two.) This is largely because of a decline in subscription revenue (advertising makes up only 2% of revenue), which in turn is because of a decrease in the number of subscribers, from a high of 957,000 in 2010 to 552,000 in 2014.
In the three years from 2012-14, the channel lost almost $2 million, and nothing indicates that 2015 or 2016 would have been any different.
The news of Argent’s shutdown has interesting timing since Canada just added its second English-language business channel (Bloomberg TV Canada) and the first one, Business News Network, is still doing quite well financially, with a 40% profit margin.
And the suggestion that this decision comes out of the CRTC’s recent pick-and-pay TV decision also doesn’t jive with the fact that its financial troubles started long before then and that Videotron, also owned by Quebecor, has been offering custom channel packages for many years now.
But these days it makes more sense for a Canadian business channel to be based in Toronto than Montreal. The only place I remember seeing Argent on TV was at my local Caisse Desjardins bank. I guess they can switch to LCN.
Cuts in QMI’s investigative bureau
UPDATE (April 21): Meanwhile, there were cuts to the investigative reporting team at Agence QMI, Quebecor Media’s shared journalism outlet.
Andrew McIntosh is an investigative reporter who’s been in the business more than 30 years, working for the Globe and Mail, Montreal Gazette and National Post before joining QMI in 2010 as their top investigative reporter. His awards include three National Newspaper Awards.
You can read some of his reporting for QMI here.
The other high-profile departure is Michel Morin, who was a journalist with Radio-Canada until he became a CRTC commissioner. After his term at the broadcasting regulator ended, he joined QMI’s investigative team. You can read some of his stories here.