Canwest Stock Rollercoaster [Print is Dead]

I’m Watching CGS (Canwest Global Communications) in Google Finance right now and it’s incredible. It hit a trading low of $0.66 at noon. 

Canwest just released their quarterly results and while I can’t explain the niceties of writing down goodwill and broadcast licenses, this can’t be good. 

Canwest Global Communications Corp posted a C$1 billion ($820 million) quarterly loss on Friday as it wrote down the goodwill and broadcast licenses related to its Canadian conventional television business, sending its shares down 9 percent.

The company said the non-cash writedown of C$1.01 billion reflects a “deterioration” in the near term profit expectations for the TV operations, in part because of the weak advertising market in Canada.

The good thing for Canwest, if there is a good thing, is that they have until 2011 to payback that $3.6 billion dollar debt they picked up when they bought Alliance Atlantis through Goldman Sachs.