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Bell plans to sell 45 radio stations, cut 9% of workforce

By Brad Perry Feb 8, 2024 | 10:21 AM

ore big changes are coming at Canada’s largest telecommunications company.

BCE Inc. has announced plans to cut around 4,800 positions or nine per cent of its workforce.

It is being described as the company’s largest workforce restructuring initiative in nearly 30 years.

At the same time, Bell Media intends to sell 45 of its 103 stations to seven different buyers, pending approval.

The affected stations are located in British Columbia, Ontario, Quebec, New Brunswick and Nova Scotia.

Company officials said the radio station sales are subject to CRTC review and other closing conditions.

In a letter to employees, BCE Inc. president and CEO Mirko Bibic said they expect to lose over $250 million in legacy phone revenues each year.

As well, Bell Media’s advertising revenues declined by $140 million in 2023, and its news operations continue to incur over $40 million in annual operating losses.

The job cuts are expected to save the company between $150 million and $200 million this year, and about $250 million every year going forward.

Last spring, Bell Media eliminated six per cent of its workforce and shuttered or sold nine radio stations.