The Canadian Press
Published on Thursday, November 2, 2023, 3:54 p.m. EDT
Last updated on Thursday, November 2, 2023, 4:39 p.m. EDT
MONTREAL – TVA Group says it is laying off 547 employees – nearly a third of its workforce – as part of a restructuring as the company struggles with declining viewership and advertising revenue.
The Montreal-based broadcaster says the move includes overhauling its news division, ceasing in-house production of entertainment content and optimizing its real estate assets – including reconsidering the future use of its headquarters east of downtown.
Pierre Karl Peladeau, CEO of Quebecor Inc., which owns TVA, says the subsidiary’s deficit is no longer sustainable.
He says the company wants to refocus its operations, reduce operating costs and continue to offer original Quebec content.
The 63-year-old company attributes its financial strain to the proliferation of streaming services and the shift of advertising spending to web giants rather than legacy media.
TVA also took action against social media platforms for profiting from links to news stories without paying for content, and against CBC/Radio-Canada for what it said was unfair competition.
This report by The Canadian Press was first published Nov. 2, 2023.
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