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Media unit of Canada's BCE cuts workforce in restructuring

Published 2017-01-31, 06:31 p/m
Updated 2017-01-31, 06:40 p/m
© Reuters.  Media unit of Canada's BCE cuts workforce in restructuring

© Reuters. Media unit of Canada's BCE cuts workforce in restructuring

TORONTO, Jan 31 (Reuters) - Bell Media, a unit of Canadian telecom company BCE Inc BCE.TO , said on Tuesday it is reducing its radio and television industry workforce in more than two dozen locations across the country by an unspecified number.

"The restructuring is the result of the challenges Bell Media and other Canadian media companies are facing due to increasing international competition, the evolution of broadcast technologies, and advertising and regulatory pressure," spokesman Scott Henderson said in an email.

Canadian television providers have struggled to deal with competition from online streaming services such as Netflix Inc NFLX.O since its launch in 2010, as well as a migration of advertising to online sources, where Google (NASDAQ:GOOGL) and Facebook (NASDAQ:FB) dominate.

He said Bell Media owns 30 local TV stations and radio stations in 54 markets. The cuts started on Monday and are continuing, Henderson said.

The restructuring charges will be booked in the first quarter and reflected in the 2017 outlook BCE is expected to release along with its fourth-quarter results on Thursday.

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