CANWEST HAS BEST YEAR EVER
By Adnews Staff
Winnipeg-based CanWest Global Communications had a record financial year, due mainly to television holdings in Australia. The broadcaster has reported a net profit of $70.4 million for the year ending Aug. 31. This compares with a net profit of $44.7 million a year earlier. Revenues were $336.7 million, up from $273.4 million. CanWest's Canadian holdings have also done well, and this is where the company is focusing its efforts. The company has put its expansion into the Hispanic markets on hold and may sell its 50% stake in La Red Television Network in Chile. Last week, CanWest made a $636-million takeover bid for WIC Western International Communications of Vancouver. In addition, it has formed a joint venture with English-language Quebec City television station CKMI.