BCE Inc. (BCE), the parent company of Bell, is cutting 1,300 jobs as it moves to restructure its news operations.
The company said it is selling nine radio stations and closing two foreign bureaus as it adapts to how Canadians consume news.
BCE added that it is transitioning to a single newsroom approach and a single brand to achieve greater efficiencies.
The company said it can no longer afford to operate multiple independent media brands such as CTV News, BNN, CP24, and a network of local TV and radio stations.
Consequently, CTV’s foreign news bureaus in London, England and Los Angeles, California are being closed while its Washington, D.C. bureau is being cutback significantly.
BCE said it is shutting down radio stations that include Edmonton’s TSN 1260 Radio, Vancouver’s BNN Bloomberg Radio 1410 and Funny 1040, Winnipeg’s Funny 1290, Calgary’s Funny 1060, along with London’s NewsTalk 1290.
The company is selling Hamilton’s AM Radio 1150 and AM 820, as well as Windsor’s AM 580.
BCE said its news operations lose about $40 million per year currently.
The stock of BCE has declined 5% in the last year to $60.37 per share.