Bell Media has announced plans to lay off 4,800 employees across all levels of the company, amid a decision to sell off 43 of its 103 regional radio stations.
BCE Inc. decision, announced Thursday, slashes 9 per cent of its total workforce including journalists and other workforce in its British Columbia, Ontario, Quebec and Atlantic Canada stations.
The open letter was signed by chief executive Mirko Bibic and some of the impacted employees have already been notified. Others will also be alerted soon.
It is the second significant lay off at the Canadian media and telecommunications giant since last spring. At the time, Bell Media scrapped six per cent of its jobs. It also shut down or sold nine radio stations.
Bell Media's president, Sean Cohan, announced plans for the company to sell 45 radio stations to seven different buyers, including Vista Radio and ZoomerMedia, among others. These sales are pending approval from the CRTC and fulfilment of other conditions necessary for closing.
Bell's chief legal and regulatory officer, Robert Malcolmson, highlighted the decision to sell off a significant portion of their radio stations as a strategic move due to the declining viability of the business.
“That’s a significant divestiture. It’s because it’s not a viable business anymore,” said Bell chief legal and regulatory officer Robert Malcolmson in an interview with The Canadian Press.
He mentioned Bell Media is undergoing a digital transformation but noted the success of this shift, especially in profitability, is uncertain without regulatory support.
Malcolmson criticized the federal government for delays in providing necessary assistance to media companies, underlining the challenges faced in adapting to a rapidly changing media landscape.