New low for Canwest
The broadcaster's class A voting shares fell 41% on Thursday, to a new 52-week low of 13 cents on the Toronto Stock Exchange. Class B, non-voting shares were off 53%, to close at 6 cents at the close of trading Thursday.
Stock in Canwest Global Communications has plumbed new depths on Friday as the struggling broadcaster prepared to unveil its third-quarter 2009 financial results.
Canwest Global’s class A, voting shares on Thursday fell 9 cents, or 41%, to a new 52-week low of 13 cents on the Toronto Stock Exchange, while class B, non-voting shares were off 7 cents, or 53%, to close at 6 cents at the close of trading Thursday.
The release of Canwest Global’s latest financial results coincides with on-going negotiations with debt holders nearing an end-game after months of missed interest payments and debt covenant breaches.
The developments follow the CRTC’s recent decision that cable and satellite TV operators must boost their funding for local programming at TV stations belonging to Canwest Global and other conventional broadcasters.
From Playback Daily