The TVA Group says it is laying off 547 employees — nearly a third of its workforce — amid restructuring as the company contends with declining audiences and ad revenues.
The Montreal-based broadcaster says the shift involves overhauling its news division, ending its in-house entertainment content production and optimizing its real estate assets — including a reconsideration of 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 aims to refocus its activities, 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 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.
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