CBC bracing for financial hit if NHL lockout drags

The CBC is bracing for another financial hit if the NHL lockout drags on. At its annual meeting in St. John’s, N.L. on Tuesday, the public broadcaster outlined its fiscal situation after a rocky six months. Vice-president and chief financial officer Suzanne Morris described a budget shortfall of up to $200 million over the next three […]

The CBC is bracing for another financial hit if the NHL lockout drags on.

At its annual meeting in St. John’s, N.L. on Tuesday, the public broadcaster outlined its fiscal situation after a rocky six months.

Vice-president and chief financial officer Suzanne Morris described a budget shortfall of up to $200 million over the next three years.

Morris says another $25 million will be needed for severance as 650 full-time jobs are to be cut over that same time span.

The federal budget last spring cut $115 million or about 10% of the CBC’s publicly funded budget over three years.

Morris says losing the NHL season would mean a loss of advertising revenue as the CBC plans replacement programming.

President Hubert Lacroix told the meeting that diversity in Canadian media is at stake as most content is now controlled by just four companies: Bell, Rogers, Shaw and Quebecor.

Media Articles

Ourdata offers a more charitable ad blocker

B-corp's 'ad enabler' wants to help both publishers and consumers with 'data union'

Transcontinental looks to cut costs as ad revenue drops

Printing revenues should be stable in 2017, but print advertising is slowing

IPG’s Magna report predicts ad spending will slow in 2017

Next year's projected 3.6% growth is the lowest since the 2008 recession

GroupM integrates data offering with new platform

The media investment group has announced the global launch of [m]Platform

Industry calls for more third-party Facebook verification

Experts weigh in on what Facebook owes advertisers

Luxury retail must go digital or be forgotten (column)

AJ Dalal says luxury retail ignores the connected shopper at its peril

Rogers announces LouLou to close, Châtelaine to remain

Rogers Publishing continues to divest titles as its media strategy evolves