Media (including magazines) ad losses blamed for Transcontinental impairment charge

Despite revenue increasing 6% to C$529.4 million, Transcontinental Inc. posted a quarterly loss of C$106.2 million in the most recent quarter, compared with a net income of C$32 million in the same quarter a year ago, effectively a reversal of C$139. As a result, says a Reuters report,  the company took a non-cash, non-operational impairment charge of $180 million. The loss is attributed to a broad slump in advertising spending in the TC Media unit, which publishes daily and community newspapers and magazines and French-language educational resources.