WIC HAS RECORD YEAR
By Adnews Staff
While a takeover battle is brewing for Vancouver-based WIC Western International Communications, the company is enjoying record revenues and profits. For the year ending Aug. 31, 1995 it has reported that net earnings increased 55% to $15.2 million, up from $9.8 million in 1994. Revenues went up 8% to $422 million. Television revenues reached $248 million, up 6%; on the pay-television side they rose 15% to $32.2 million. Radio revenues climbed 8% to $64.7 million. WIC owns 53.7% of Canadian Satellite Communications. It's revenues increased 10% to $77.6 million. WIC owns eight TV and 12 radio stations and is the pay TV licensee in Western Canada for Superchannel, MovieMax! and Home Theatre. Through Superchannel, WIC owns 50% of The Family Channel. WIC and Cancom together own one-third of Canadian satellite direct-to-home company ExpressVu Inc. of Mississauga, Ont. In addition, WIC has the exclusive Canadian rights to CellularVision, a super-high frequency distribution technology capable of interactive delivery of audio, video and data signals to homes and businesses. Izzy Asper's Winnipeg-based CanWest Global Communications Corp. has made a $636-million bid for WIC, which the latter's board has rejected. At the same time, there is a legal battle going on for control of WIC. On Dec. 11 the British Columbia Supreme court will begin hearing a suit from two former WIC board members who are seeking to have non-voting shares changed to voting stock. CanWest has launched an identical legal action.