In a devastating blow to the news industry, Bell Canada, parent company of CTV News has announced the termination of 1300 jobs which impacts management, production, editorial, operations, sales and marketing, administrative and clerical jobs.
Mirko Bibic, president and CEO of BCE and Bell Canada said:
“At Bell Canada, every year we can expect to lose over $250 million in legacy phone revenues. Across Bell Media’s news operations, despite being Canada’s news leader, we incur $40 million and growing in annual operating losses, and the profitability of our radio business has been cut in half since the onset of COVID.
“To succeed in today’s challenging economic, regulatory and competitive environment and be ready for what comes next, we need to accelerate our shift away from how telecom and media companies have operated in the past.”
As per reports, “the company has promised fair and reasonable severance packages along with career transition services.”
The London, U.K, and Los Angeles bureaus will be shuttered and the company will scale back operations in Washington, D.C.
Canada’s largest union in the private sector Unifor national president Lana Payne said:
“These layoffs cut deep, especially in smaller communities that rely on local news, and undermines democracy. Bell had other choices, in anticipation of policy changes, but chose to pull the trigger on these layoffs. If the government doesn’t act now, there will be little left of Canadian journalism to save.”
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