CBC bracing for financial hit if NHL lockout drags
September 25, 2012 | Canadian Press | Comments
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.