“Incredibly tough”: Bell Media selling 45 radio stations, cutting 4,800 jobs

Bell Media announced a huge round of layoffs on Thursday morning with plans to sell 45 of its radio stations.

Mirko Bibic, President and Chief Executive Officer at BCE Inc. and Bell Canada, wrote an open letter titled, “Adapting and moving forward.”

According to it, nearly 4,800 positions — 9% of Bell’s total workforce — will be cut.

“Restructuring decisions are incredibly tough for all of us because it affects the people we work with and care about. We know these decisions are hardest on those leaving Bell,” he wrote. He added that those impacted will be supported with fair severance packages, career transition services, and continued access to health benefits.

Bell Media had its last round of layoffs in June 2023, slashing 1,300 jobs. Bibic explained that the company’s operating environment has become more complicated, and it faces regulatory challenges in a tough economy.

“Of particular concern is a recent decision by the CRTC forcing Bell to provide third-party resellers access to our high-speed fibre network before we have even had an opportunity to recoup our multi-billion dollar investment,” he said, referring to the following November 6 decision:

Bibic said Bell expects to lose over $250 million in legacy phone revenues each year and its advertising revenues have declined by $140 million between 2022 and 2023.

“Across Bell Media’s news operations, we continue to incur over $40 million in annual operating losses despite having the most-watched network of local TV stations,” he added.

Bell also published a second release about its decision to divest 45 of its 103 radio stations to seven buyers, subject to CRTC review and “other closing conditions.” Bell intends to keep the divested stations a part of iHeartRadio Canada to become “an innovative audio business.”

Of the 45 radio stations, 21 are in BC, 12 are in Ontario, seven are in Quebec, and five are in Atlantic Canada. A complete list of them can be found here.

More to come…