Quebecor president and CEO Pierre Karl Peladeau speaks following the media company’s annual meeting Thursday, May 11, 2023 in Montreal.Groupe TVA is cutting 547 jobs — nearly one third of its workforce — in what it calls “major changes to its organizational structure.”
The Quebec media company made the announcement Thursday afternoon, saying it is looking to reduce operating expenses. The CEO of Quebecor Inc., which is TVA’s corporate parent, claims the subsidiary’s deficit is no longer sustainable. Pierre Karl Péladeau addressed the cuts during a news conference, saying “hard choices” had to be made to ensure the company survives amid declining audiences and ad revenue.TVA is not only restructuring its news division but also ending its in-house production of entertainment content. There will also be measures to “optimize its real estate portfolio” —including a reconsideration of the future use of its headquarters east of downtown Montreal.
TVA attributes its financial strain to the proliferation of streaming services and the shift of advertising spending to web giants rather than legacy media. The 63-year-old company also took a shot at social media platforms for benefiting from links to news stories without paying for content and at CBC/Radio-Canada, which it deemed unfair competition.How to navigate Canada’s ‘daunting’ mortgage market amid higher ratesViewed