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Thursday, June 15, 2023

Bell Slashing 1,300 Jobs, Shuttering 6 Radio Stations


Canadian media and telecom firm Bell is cutting 1,300 jobs, shuttering six radio stations and selling another three as revenues dry up at its legacy phone and news business, parent company BCE Inc (BCE.TO) said on Wednesday.

The layoffs will mostly affect management and follow thousands of cuts in the media industry that has been wrestling with dwindling ad dollars, elevated levels of inflation and the ongoing shift from cable TV to streaming.

Employees were also informed that NewsTalk 1290 CJBK London, TSN 1260 (CFRN-AM) Edmonton, BNN Bloomberg Radio 1410 (CFTE-AM) Vancouver, Funny 1040 (CKST-AM) Vancouver, Funny 1290 (CFRW-AM) Winnipeg, and Funny 1060 (CKMX-FM) Calgary were off the air as of 11 a.m. ET Wednesday.

In addition, Bell Media is selling three radio stations – Hamilton's AM Radio 1150 and AM 820 and Windsor's AM 580 – to an undisclosed third party, subject to CRTC approval.



Reuters reports management positions are being slashed by six per cent, according to the company. There will also be 20 per cent fewer executive roles in the company compared with 2020.

The company expects Bell Canada's legacy phone revenue to decline by $250 million each year, while the news operation posts annual operating losses of $40 million.

"Our industry is experiencing a major disruption," said senior executive Wade Oosterman in an internal memo seen by Reuters. He also blamed "a challenging regulatory environment that has been too slow to adjust".

The Canadian telecom industry has over recent years come under pressure from the government to bring down phone bills in a concentrated market.

A proposed legislation designed to compel internet giants like Google and Facebook to pay news publishers for content has also run into hurdles this year, with the U.S. firms running tests to limit some users from viewing or sharing news content as a potential response.

As part of the restructuring, Bell will close the CTV television network's bureaus in London and Los Angeles, and scale back the Washington outpost.

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