BATON SHOWS PROFIT
By Adnews Staff
Toronto-based Baton Broadcasting Inc. has reported a profit of $6.17 million for the year ending Aug. 31, an increase of $2.16 million for 1997. The company's profits were not large this year because of acquisitions, start ups and work force rationalization. In the past 18 months the broadcaster has launched a station in Vancouver and four new national specialty channels. In addition, it completed its television station exchange with CHUM Ltd., gained control of the CTV Television Network and began operating the broadcasting assets of Electrohome Inc. Baton also bought shares of its controlling shareholder, the Eaton family and laid off 300 employees. For the year, revenue jumped 85% to $474.8 million, compared to $255.9 million. The increase is mainly due to the acquisitions and new channel start ups. Baton's fourth quarter didn't do well, with its loss increased from $3.8 million during the fourth quarter last year to $11.6 million this year. Total revenue for the quarter rose to $98.4 million from $53.1 million.