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.