TORONTO (Reuters) - Bell Media, a unit of Canadian telecom company BCE Inc (BCE.TO), said on Tuesday it is reducing its radio and television industry workforce in more than two dozen locations across the country by an unspecified number.
“The restructuring is the result of the challenges Bell Media and other Canadian media companies are facing due to increasing international competition, the evolution of broadcast technologies, and advertising and regulatory pressure,” spokesman Scott Henderson said in an email.
Canadian television providers have struggled to deal with competition from online streaming services such as Netflix Inc (NFLX.O) since its launch in 2010, as well as a migration of advertising to online sources, where Google and Facebook dominate.
He said Bell Media owns 30 local TV stations and radio stations in 54 markets. The cuts started on Monday and are continuing, Henderson said.
The restructuring charges will be booked in the first quarter and reflected in the 2017 outlook BCE is expected to release along with its fourth-quarter results on Thursday.
Reporting by Alastair Sharp; Editing by Alan Crosby