Quote:
Originally Posted by Beatle17
I continually read that Rogers Sportsnet is losing money yet I can not find anywhere that they are in fact losing money. From their last full year financials (2018) released in January 2019 it looks like Rogers made over $400 M in profit. A lot of that is attributed to wireless, which is to be expected, but they state an increase in cable revenue.
The biggest cash drain appears to be the large contracts given to "personalities" handed out by the former President, sometimes to the tune of 60% over market value. When he was called in to the board and told to reduce these contracts by up to 20% to reflect market value he decided to quit and walk away with the comment "I am a builder not someone who tears things down". They just weren't making what they expected.
https://about.rogers.com/wp-content/...ss-Release.pdf |
How can you not lose money when you drop $5.2billion onto a declining sport. The NHL was only hoping for around $3.2 billion when negotiations started.