Hamilton's beleaguered television station CHCH is projected to lose almost $30 million next year, a stark illustration of just how tough the media economy has become.
The financial projection is contained in material filed with the Canadian Radio-television and Telecommunications Commission to support Canwest's application to renew the station's broadcast licence, and shows the station is expected to bring in just under $41 million in its next fiscal year against costs of more than $69 million.
In an e-mail exchange, Canwest spokesman John Douglas said the five stations in its E! network, including Hamilton's, have been consistent money losers for a decade.
The problem, he explained, is that the commercial TV model relies on strong profits from American shows to subsidize the cost of Canadian and local programs, and that profit has fallen as the economy has slipped into recession.
The station's current licence expires Aug. 31, the end of its fiscal year.
The CRTC will hold a hearing on a one-year renewal application April 27.