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The Montreal Canadiens’ poor performance this past season hurt TVA’s bottom line.

On Thursday, Groupe TVA announced a net loss of $9.7 million during the second quarter of the 2018 fiscal year. The amount comes out to a $0.22 loss per share. The TVA Sports channel saw it’s revenues drop by 60 per cent.

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In a statement, the company that holds the team’s primary broadcast rights, said that the Canadiens missing the playoffs “resulted in a decrease in advertising revenues associated with them.”

The company acknowledged that its results were disappointing.