The company says the job cuts are in response to unfavourable public policy and regulatory conditions that it can no longer outwait.
Management positions are being slashed by six per cent, according to the company. There will also be 20 per cent fewer executive roles in the company compared with 2020..In a separate internal memo sent on Wednesday, Bell Media president Wade Oosterman said staff affected by cuts would be informed this week. Around 30 per cent of the positions being eliminated are current vacancies that won’t be filled.
In an open letter published online Wednesday, Bell Canada president and CEO Mirko Bibic said Bell Canada expects to lose more than $250 million in legacy phone revenues per year, while its news operations incur $40 million in annual operating losses. He said Bell radio stations have seen profit cut in half since the start of the COVID-19 pandemic.
David Hughes, Ramneek Gill, Sophia Skopelitis and Jonathan Kay will take on expanded roles within the news division as the company moves from a “vertical” to “horizontal” management structure. Malcolmson said regulatory challenges affecting both the telecommunications side and media arm simply left the company in an “unenviable place,” with no choice but to make widespread cuts.“This thing affects all layers of the company and isn’t targeted at any one band of employees.”
Noting that the cost of wireless service has declined around 25 per cent and the cost of broadband high-speed internet has gone up by less than one per cent over the last three years, despite Canada’s overall high inflation, Malcolmson said “maybe it’s time to declare victory” for Ottawa. The other, Bill C-11, aims to force platforms such as Netflix, YouTube and TikTok to contribute a percentage of their Canadian revenue to Canadian production, but Malcolmson said it’s not going to solve the “fundamental problem” that popular American content is being “withheld” by major streaming platforms from appearing on Canadian TV.
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