CEO accuses Bell of refusing to negotiate MVNO rates in good faith
MONTREAL – Quebecor announced today its third quarter 2022 financial results, which show the company’s revenues were $1.1 billion – a slight decrease from Q3 2021.
Adjusted EBITDA was also slightly down at $518 million.
In Quebecor’s telecommunications segment specifically, the company reported $942.2 million in revenue, which is an increase from $939.5 million in the same quarter the previous year. Adjusted EBITDA in the segment was $489.5 million, up from $476.8 million.
In the media segment, the company reported revenue of $170.1 million – down from $190.6 million in the same quarter of 2021. Adjusted EBITDA was $18 million – down from $36.6 million in Q3 2021.
And in the sports and entertainment segment, Quebecor reported $57.4 million in revenue – up from $49. 1 million in the same quarter the previous year. Adjusted EBITDA was $12.2 million and increase from $11 million in Q3 2022.
Vidoetron “increased its revenues from mobile services and equipment by $30.7 million (12.1%) and from Internet access by $13.6 million (4.5%),” a press release says. “The increase in Internet access revenues was due in part to the acquisition of VMedia Inc.”
Pierre Karl Péladeau, president and CEO of Quebecor, commented on the company’s goal of becoming Canada’s fourth major telecom player.
“We are making every effort to become the 4th major wireless and Internet service provider across Canada and deliver better prices and a robust, reliable network powered by our 5G technology to Canadian consumers,” said Péladeau, in the release.
“The acquisition in the third quarter of 2022 of VMedia, which has innovative solutions that complement Freedom Mobile’s operations, will also make it easier to offer service bundles and to realize the full potential of both companies across Canada. Although a mediation session on October 27, 2022 in a proceeding instituted before the Competition Tribunal did not produce a negotiated settlement, we remain committed to closing the acquisition of Freedom Mobile and confident in the soundness and merit of our plan,” he added.
“Building on our exemplary track record in Quebec and our proven ability to execute on our strategies in a rigorous and disciplined manner, we look forward to continued growth that will create more value for the benefit of all our stakeholders.”
Péladeau also addressed the CRTC’s recent decision on the tariffs related to its regulated MVNO framework.
“We also note the CRTC’s recent decision to require the incumbent telecoms Bell, Telus and Rogers to allow access to their wireless networks in order to stimulate competition and offer Canadians more choice at better prices,” he said. “We plan to move forward on this quickly if the incumbents agree to negotiate in good faith and open up access to their networks, which Bell is still refusing to do.”
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