WIC PROFITS TUMBLE
By Adnews Staff
First quarter profits for WIC Western International Communications of Vancouver took a dive because of higher programming costs. For the three months ending Nov. 30, WIC had a net income of $7.9 million, down from $11.4 million for the same period a year ago. Revenue rose 5% to $123.2 million from $116.8 million for the same period in 1994. WIC pays $10 million annually to Winnipeg-based CanWest Global Communications for popular shows such as Seinfeld. Currently CanWest and WIC are in a legal wrangle. CanWest is appealing a court decision that had the effect of stopping CanWest from making a bid to take over WIC. WIC, on the other hand, is taking CanWest to court because CanWest has said it will stop selling shows to WIC.
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