TORONTO, Nov 14 (Reuters) - Canwest Global Communications Corp reported a steep quarterly loss on Friday, including a C$1.01 billion ($825.5 million) noncash write-down, as Canada's biggest media company struggles with soft television advertising revenue and regulatory issues.
The company also said it would "do what is necessary" to improve its financial performance in the near term.
"We have seen impairment charges such as these in other large media companies throughout North America," President and Chief Executive Leonard Asper said in a release.
"The sooner we recognize the new reality, the faster we can recalibrate our business and move it forward."
The company said it was forced, like other large media companies, to take the write-down due to the negative impact of the global credit crunch that has hit media companies hard as the discretionary spending of advertisers dries up.
Earlier this week, Canwest said it planned to cut 560 jobs at its newspapers and television stations as it copes with the ad slowdown. The job cuts, about 5 percent of its work force, will be carried out through buyouts, attrition and layoffs.
Canwest, which owns the Global television network, a national chain of newspapers and a roster of specialty-TV channels, lost C$1.02 billion or C$5.73 a share, in its fiscal fourth quarter ended Aug. 31, compared with a profit of C$197 million, or C$1.11, for the same time last year.
The 2008 results included a C$1.01 million noncash write-down of goodwill and broadcast licenses related to its Canadian conventional television operations.
The adjusted net loss, excluding the impact of foreign currency gains and losses, write-downs and other charges, was C$38 million, or 21 Canadian cents a share.
Revenue was C$726 million, up 7.1 percent from C$678 million.
Analysts expected, on average, a loss of 20 Canadian cents a share, before items on revenue of C$712.4 million, according to Reuters Estimates.
Revenue from its television division rose 15.7 percent to C$384.7 million, while revenue from publishing fell 1.7 percent to C$299.9 million.

($1=$1.22 Canadian)

(Reporting by Scott Anderson; editing by Jeffrey Benkoe) Keywords: CANWEST/ (scott.anderson@reuters.com; +1 416 941 8106; Reuters Messaging: scott.anderson.reuters.com@reuters.net)

COPYRIGHT

Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.