File photo TVA Group headquarters in Montreal in 2016.
TVA announced it will be laying off 547 employees after seeing a $13 million deficit this year, mostly due to loss of advertising revenue.TVA will cease in-house production of entertainment programs and will concentrate on news and some sports broadcasts. One of Quebec's media giants announced Thursday that it is laying off roughly one-third of its workforce as of February.
TVA said a complete reorganization of its resources is necessary because of the rapidly shifting media landscape, the popularity of streaming services and losses in web advertising revenue. The broadcaster says it lost $13 million this year, compared with $1.6 million last year. "The traditional television business model has been disrupted on all sides: shrinking audiences, declining subscriptions, falling advertising revenues, fierce competition and aggressive bidding for entertainment content and sports rights," it said in a news release.
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