TORONTO – The CBC is eliminating 657 positions over two years to cope with a massive budget shortfall totalling $130 million.
CBC to cut 657 jobs as $130 million slashed from its budget
“Today, we have made the tough decisions necessary to balance our current budget” said Hubert T. Lacroix, President and CEO of CBC/Radio-Canada. “As the media landscape changes, CBC/Radio-Canada will also need to re-imagine itself in order to continue delivering on the mandate with which we were entrusted over 75 years ago.”
CBC/Radio-Canada said they were faced with financial challenges ranging from an industry-wide softening of the advertising market, disappointing schedule performance in key demographics on CBC Television, much lower-than-expected ad revenues from Espace musique and CBC Radio 2, and the NHL’s decision to move to a single, exclusive broadcaster.
CBC recently lost the rights to 'Hockey Night in Canada' to Rogers.
These reductions are in addition to significant pressures already managed by the Corporation since 2008/2009, due in part to actions surrounding the Deficit Reduction Action Plan (DRAP) and the elimination of the Local Programming Improvement Fund (LPIF).
Read the full release here: CBC/Radio-Canada looks to the future as it makes tough choices to balance its budget