Bell Media announces plans for 4,800 layoffs, sale of 45 radio stations

Thousands of Bell Media employees are expected to lose their jobs in 2024.

The Canadian media giant announced its largest “workforce restructuring initiative” in nearly 30 years this morning, which includes the layoff of around 4,800 people.

According to the company, the reduction of nearly 5,000 positions equates to 9% of Bell’s workforce and will result in savings of around $150-200 million.

“Restructuring decisions are incredibly tough for all of us because it affects the people we work with and care about. We know these decisions are hardest on those leaving Bell,” said Mirko Bibic, Bell’s president and CEO.

“Please know we will support each person affected, including fair severance packages along with career transition services and continued access to our health benefits.”

The other major move announced by Bell today was the planned sale of 43 of the company’s 103 Canadian radio stations to seven buyers.

Nearly half of the radio stations being sold are in the BC Interior, as Vista Radio will acquire 21 Bell stations throughout the province pending CRTC approval.

That includes several Okanagan stations in Kelowna, Penticton, Summerland, Vernon and Osoyoos, as well as markets like Fort St. John, Terrace, Trail, Salmon Arm and Revelstoke.

“Once these transactions close, it's our intention that the divested stations will remain part of iHeartRadio Canada, helping to transform Bell Media's radio operation to an innovative audio business,” explained a statement from the company.

The other 24 radio station sales are happening in Ontario, Quebec and Atlantic Canada.

In an interview with the Canadian Press, Bell’s chief legal and regulatory officer Robert Malcolmson said the radio stations are “not a viable business anymore.”

According to Bibic, Bell Media’s advertising revenues declined by $140 million in 2023 compared to 2022 and the company’s news operations continues to incur over $40 million in annual operating losses.

“While we are reducing in areas where demand and revenue are declining, and where regulation is increasingly burdensome, we are continuing to invest and hire in growth areas,” Bibic noted.

“We will therefore move forward with capital investments, strategic acquisitions, new partnerships and service launches where it helps improve our business.”