Quebecor Media's TVA Group reports that it lost $2.6 million or 6 cents a share in Q2 of 2015. That's an $11.8 million swing from last year's net income. Most of the losses are attributed to the broadcasting and production segments difficulties with sports specialty services. TVA's adjusted operating income declined 18% compared with the same quarter in 2014, and most of this was largely blamed on a weak advertising environment.
Contributing to that decline was the TVA Group’s magazines segment which, though it reported a $1.2 million adjusted operating income in the second quarter, represents a 58.6% decrease in income compared to the same quarter in 2014. TVA Group attributes the decline in its Magazines segment primarily to a 20.2% decrease in newsstand revenues and a 10.3% decline in advertising revenues, partially offset by the adjusted operating income generated by the magazines acquired from Transcontinental Inc. on April 12, 2015.The company said it expected to see better contributions from the new titles in the 3rd and 4th quarter.