Examining the best options following earnings season
It’s not a great time to be an employee in Canada’s telecom sector. Workers across the country are biting their nails as their employers axe thousands in a firing binge unlike any we’ve seen in years.
BCE Inc. is also laying off staff, particularly in the high-profile media division. After the surprise ousting of CTV news anchor Lisa LaFlamme last year, an uneasy calm set in. That ended in June when the company announced it was terminating 1,300 employees, including veteran correspondents Tom Walters, Paul Workman, Joyce Napier, Glen McGregor, and Daniele Hamamdjian. CTV also closed its London and Los Angeles bureaus, leaving Washington as its only non-Canadian outpost.
BCE is Canada’s largest communications company, providing a comprehensive suite of broadband, mobile, landline, and cable communication services to residential and business customers through Bell Canada and Bell Aliant. Bell Media is the company’s multimedia arm, with assets in television, radio, and digital media. Television assets include the CTV television network and many of the country’s most-watched specialty channels. The company also owns the Crave streaming service.
Bell Media revenue decreased by 1.9 per cent to $805 million. Advertising revenue was down 9 per cent, as advertiser demand and spending across all traditional media platforms remained soft due to unfavourable macroeconomic conditions. This was partly offset by strong growth in digital advertising. On the positive side, the company reported 110,000 net mobile phone additions, its best second quarter since 2010.
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