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CBC cuts 657 jobs & $130M

The CBC is slashing 657 positions over two years to cope with a massive budget shortfall.

CBC News says cuts to its budget amount to $130 million.

CBC president Hubert Lacroix is outlining details for staff at a town hall meeting today.

The belt-tightening includes less sports coverage — the network says it will no longer pursue the rights to broadcast professional sports, saying it cannot compete with private rivals that have specialty channels and multiple media platforms.

The CBC recently lost the rights to broadcast "Hockey Night in Canada" to Rogers Media.

The broadcaster is also grappling with a softened ad market and a loss of $115 million in federal government funding that was announced in the 2012 federal budget.

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