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Pierre-Karl Peladeau, CEO of Quebecor, owner of TVA. (FRANCIS VACHON/THE CANADIAN PRESS)
Pierre-Karl Peladeau, CEO of Quebecor, owner of TVA. (FRANCIS VACHON/THE CANADIAN PRESS)

Quebecor’s TVA Group nearly doubles second-quarter profit Add to ...

Quebec media company TVA Group Inc. nearly doubled its second-quarter profit, thanks to gains the broadcaster and publisher made from the sale of its interests in two specialty services.

TVA’s overall net income attributable to common shareholders rose to $23.7-million or $1 per share, including $12.9-million or 54 cents per share from the sale of its 51 per cent stake in The Cave and 50 per cent stake in Mystery TV.

TVA is a publicly traded subsidiary of Quebecor Inc., which releases its quarterly report on Thursday.

Operating income in TVA’s television sector fell to $17-million due to a loss at the new TVA Sports service, partially offset by higher operating income at other French-language specialty services and a smaller loss at the Sun News channel.

Operating income in TVA’s publishing sector fell by $450,000 to $2.6-million, due to lower newsstand sales and advertising revenue.

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