BCE Inc. will be cutting 4,800 jobs and selling 45 radio stations

BCE Inc., Canada’s largest communications partnership, plans to reduce its workforce by 9% and divestiture 45 radio stations

The largest communications partnership in Canada, BCE Inc., revealed intentions on Thursday to enact broad reforms, including a considerable decrease in staff and the divestiture of multiple radio stations across the country. 

About 9% of the company’s workforce, approximately 4,800 positions, will be eliminated, according to the firm, which includes Bell Canada Enterprises Inc. It also declared the sale of 45 radio stations to seven bidders, accounting for over half of its radio assets. The permission of regulatory bodies is a prerequisite for these transactions.

According to financial documents, conventional radio is experiencing a number of difficulties, resulting in a decision to simplify its operations. The emergence of new music platforms and alternative streaming services, according to BCE Inc., is causing an acceleration of the shift away from traditional radio consumption.

According to reports, the company’s largest labor reorganization in almost thirty years comes after fourth-quarter earnings fell sharply, by more than 20% percent.

This most recent wave of layoffs is the second major reduction in employment in less than a year, after 1,300 posts, mainly in managerial roles, were eliminated in June 2023. The prior reorganization was brought about by declining legacy phone service revenues as well as losses in the radio and news industries. The corporation had also announced intentions to combine its news operations and discontinue or sell nine radio stations.

Source: AFP