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Canada's Bell deepens news industry gloom with 1,300 job cuts

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Canadian media and telecom firm Bell is cutting 1,300 jobs, shuttering six radio stations and selling another three as revenues dry up at its legacy phone and news business, parent company BCE Inc said on Wednesday.

A sign for Bell Canada on a vehicle in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio

The company expects Bell Canada's legacy phone revenue to decline by $250 million each year, while the news operation posts annual operating losses of $40 million. The Canadian telecom industry has over recent years come under pressure from the government to bring down phone bills in a concentrated market.

"I think it is a shame," Canadian Finance Minister Chrystia Freeland told reporters in Ottawa on Wednesday.

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