Canadian media and telecommunications company Bell to cut 4,800 positions, says parent company BCE ECB Thursday as part of its largest workforce restructuring in nearly 30 years to contain costs in an uncertain economy.
Last year, the company cut 1,300 jobs, closed six radio stations and sold three others, as revenue from its long-running phone and news businesses dried up.
“We continue to face a challenging economy and government and regulatory decisions that undermine investment in our networks, fail to support our media business in times of crisis, and fail to level the playing field with global media giants. technology,” said ECB Director General Mirko Bibic. said in a statement.
The ECB, which also released its fourth-quarter results, said it plans to cut costs by more than C$1 billion ($741.78 million) in 2024-25, including a minimum of C$500 million Canadian dollars in 2024.
Bell Canada’s traditional telephone revenues are facing a revenue decline of C$250 million each year, the company said, while the news business is expected to post annual operating losses of C$40 million.
Advertising revenue decreased by C$140 million in 2023 compared to 2022, Bibic said.
Business Insider and the Los Angeles Times are among media companies that have cut jobs this year as they struggle with declining advertising spending.
($1 = 1.3481 Canadian dollars)
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