The Canadian media and telecom giant struggles with reduced revenues from its legacy phone business and ongoing losses in its news operations.
The layoffs are expected to primarily affect management and follow thousands of other job losses in the sector, which has been struggling with declining advertising revenue, high inflation levels, and the shift from cable tv to streaming. According to internal memos, Bell Canada’s legacy phone business is forecasted to decline by 250 million Dollars each year, while the news operation is expected to suffer an operating loss of 40 million Dollars annually.
