"As expected, the COVID-19 pandemic continued impacting our business and on our third quarter 2020 results. The periodic resurgence of the virus and the various measures taken by government authorities to curb its spread continued to cause, among other things, a significant decline in advertising revenues,” said France Lauzière, president and CEO of TVA Group.

The company reported that a decline in magazine revenues was mitigated by the financial assistance it has received and by its “constant efforts to realize organizational synergies” and reduce operating expenses in order to generate a 24% margin.

TVA Group is largest publisher of French-language magazines in Quebec.