Canada's troubled media industry
The recession has hit advertising revenue at Canadian media outlets already suffering from stiff competition from the internet — hard. Here's a timeline:
Canwest cuts 560 jobs.
CTV announces 105 positions will be cut, most in Toronto.
A document posted on privately held CTVglobemedia's website reveals it had to decrease the balance sheet value of its television properties in the fourth quarter of 2008 by $1.7B.
Data released by the Canadian Radio-television and Telecommunications Commission (CRTC) show profits at Canada's private broadcasters hit $8 million in 2008, a 13-year low.
The CBC announces 800 job cuts.
Quebecor Media Inc. CEO Pierre Karl Péladeau, whose company controls the TVA network in Quebec and cable operator Videotron, tells a parliamentary committee Canada could face bankruptcies in its TV industry.
Unions at Canwest newspapers say they are being asked for wage cuts of up to five per cent, which would save the company $20 million a year.
The CRTC announces a fund for local TV stations will be increased to more than $100M in 2009-10.
CTVglobemedia announces that because of that fund, it will keep its A Channel station in Windsor, Ont. open until 2010.
Canwest announces that some of its business units, including the National Post newspaper and Global Television, have obtained court protection from their creditors.