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Advertising and media companies across the country are discussing the recent news about Bell Media. It was revealed yesterday that their parent company BCE is planning to cut 9% of their workforce, which amounts to 4,800 jobs. This decision comes as advertising revenues for Bell Media have declined by $140 million in 2023 compared to the previous year.
While layoffs at Bell Media (BCE) and Rogers have become too frequent, last June the company announced a 6% workforce layoff and nine radio stations were either sold or shut down.
Sean Cohan, president of Bell Media stated in an internal memo that the company will shudder 45 radio stations to seven buyers: Vista Radio, Whiteoaks, Durham Radio, My Broadcasting Corp., ZoomerMedia, Arsenal Media and Maritime Broadcasting. The stations affected represent properties across British Columbia, Ontario, Quebec and Atlantic Canada.
It is no secret that the media landscape is changing, and more consumers are moving to online channels, but there is still a market for traditional media. As part of this news, Robert Malcolmson, Bell’s Chief Legal and Regulatory Officer was quoted as saying, “That’s a significant divestiture. It’s because it’s not a viable business anymore”
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