Saturday, July 26th22.3°C
22087

Bell tolls for TV job cuts

Bell Media plans to lay off about five per cent of its Toronto workforce due to "financial pressure" in its advertising and subscription TV services.

The radio and television division of BCE Inc. (TSX:BCE) said Monday that as many as 120 jobs will be cut this summer.

"Bell Media has informed the federal minister of labour of our intention," Bell Media spokesman Scott Henderson said in an emailed statement.

Henderson declined to specify where the cuts would be made, but said the layoffs do not include jobs in radio.

Bell Media runs a variety of television channels like the CTV network, CTV Two and the TSN sports lineup. Its speciality channels include The Comedy Network, the MuchMusic channels and MTV.

Canadian media companies have been warning about an advertising slowdown for months. In April, Rogers Media president Keith Pelley told the CRTC that the industry is undergoing dramatic shifts over a short period.

Unifor national representative David Lewington said the union entered contract negotiations with Bell Media in May, talks that were adjourned at the end of the month until mid-August.

"They indicated to us that if second-quarter earnings projections did not pick up then there was a possibility of a restructuring," he said in an interview.

However, the union said at the time of talks were adjourned that the company had dropped the spectre of layoffs within the next two months, which would be the end of August.

BCE will report its financial results for the second quarter in August.

In May, BCE reported that first-quarter revenues for Bell Media spiked 40.7 per cent to $722 million on higher advertising and subscriber fees from the Astral acquisition.

Bell Media bought a number of assets from Astral, including a slate of radio stations, billboards and pay-TV channels, The Movie Network and HBO Canada.

Earlier Monday, the president of CTV News confirmed that its prime time current affairs show "Kevin Newman Live" had been pulled from the air, though Henderson said the announced job cuts were not related to the show's cancellation.

Including all of its TV channels and radio stations, Bell Media has about 2,400 employees in the Toronto area and about 6,500 staff across the country.

Follow @dj_friend on Twitter.

The Canadian Press

COMMENTS WELCOME

Comments on this story are pre-moderated. Before they appear, comments are reviewed by moderators to ensure they meet our submission guidelines. Keep it clean, keep it civil, keep it truthful, stay on topic and be responsible. Comments are open and welcome for three days after the story is published. We reserve the right to close comments before then. Comments that appear on the site are not the opinion of Castanet, but only of the comment writer.



Read more Business News

21623


Recent Trending




Today's Market
S&P TSX15455.04+60.59
S&P CDNX1017.445.79
DJIA16960.57-123.23
Nasdaq4449.564-22.543
S&P 5001978.34-9.64
CDN Dollar0.9247+0.0002
Gold1294.80+4.2001
Oil104.30-0.29
Lumber326.00+0.20
Natural Gas3.783-0.064

 
Okanagan Companies
Pacific Safety0.185-0.015
Knighthawk0.01-0.005
QHR Technologies Inc1.15-0.02
Cantex0.07-0.01
Anavex Life Sciences0.275-0.005
Metalex Ventures0.08+0.01
Russel Metals35.36-0.21
Copper Mountain Mining2.820.00
Colorado Resources0.21+0.005
ReliaBrand Inc0.10+0.019
Sunrise Resources Ltd0.05+0.025
Mission Ready Services0.19+0.01

 



22704

FEATURED Property
1586917920 Purcell Court
4 bedrooms 4 baths
$569,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Take charge of your debt

Photo: Thinkstock.comWays to reduce your Debt:Make a budget and get budget counselingA basic first step for debt reduction is to prepare a budget and plan your spending. Once you have a budget, you mu...


Geopolitical tensions rattle markets

The Big Picture Geopolitical tensions rattle markets The spectre of rising geopolitical tensions in Ukraine and Gaza cast a shadow over an otherwise positive week in the markets. News that a passenger...


Labour shortage in BC

The mainstream media are finally waking up to something unusual in British Columbia – a labour shortage. If the experience of Alberta is a guide to our own future, the highly skilled labour will...

_








Member of BC Press Council


22685