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CHCH owner Canwest Global loses $1billion

TheSpec.com

The Canadian Press

WINNIPEG - CHCH TV owner Canwest Global Communications Corp. (TSX:CGS) has taken a $1.01 billion writedown on its Canadian television operations, dropping the media company to a fourth-quarter loss of $1.02 billion.
Canwest says the big charge against its earnings reflects a deterioration in its profit expectations for the TV business due to softness in advertising revenues.
The Winnipeg-based company, which publishes the National Post and owns the Global TV network, also says it expects some financial headwinds from regulatory challenges facing the Canadian conventional television industry.
Canwest cut 560 jobs, about five per cent of its workforce, earlier this week, saying it faces a rougher economy and more competition.
President and CEO Leonard Asper says many other major North American media companies are facing the same economic pressures as Canwest and are also taking similar big charges.
He says the company, which employs about 10,500 people in Canada, plans to do whatever is necessary to improve its financial performance.