BCE Inc., the parent company of Bell Canada, has announced that it’s cutting nine per cent of its workforce following the release of its 2023 fourth quarter and full year earnings results. The majority of the layoffs will affect its Bell Media division.
The cuts, which affect about 4,800 jobs, were announced yesterday in an open letter by chief executive Mirko Bibic.
The company also announced plans to sell 45 of its 103 regional radio stations. The restructuring is expected to save Bell around $150 million to $200 million in 2024 and $250 million on an annual basis.
This second round of cuts follows the elimination of 1,300 positions last June, when Bell announced a restructuring, blaming it on unsustainable regulatory conditions. “We continue to face a difficult economy and government and regulatory decisions that undermine investment in our networks, fail to support our media business in a time of crisis and fail to level the playing field with global tech giants,” said Bibic.