In the latest legacy media meltdown, one of Quebec’s largest media firms, TVA, is slashing more than 500 jobs and centralizing news production as it struggles to stay afloat amid a rapidly changing media landscape.It comes after TVA, which is owned by Quebecor, reported it lost $13 million so far this year, compared to $1.6 million last year due to losses in web advertising and the rising popularity of streaming services.The media giant said it would refocus exclusively on broadcasting and end in-house production of entertainment programming to focus on news and sports while centralizing its news division and selling off real estate holdings..It also blamed the CBC/Radio-Canada for unfairly competing for advertisers in addition to social media sites such as Meta and Google that refuse to pay for linking to its content."The traditional television business model has been disrupted on all sides: shrinking audiences, declining subscriptions, falling advertising revenues, fierce competition and aggressive bidding for entertainment content and sports rights," it said in a news release.The majority of the cuts, about 300 positions, will affect in-house TV production at while another 98 employees will lose their jobs at various stations across the province. Another 149 people will be laid off in other sectors, but more details were not provided..Earlier this year it cut 140 executive positions."The deficit TVA Group is currently running is simply no longer sustainable," Quebecor CEO and acting TVA president Pierre Karl Péladeau said in a news release."We have a responsibility to correct the situation. TVA has historically been an important vehicle for Quebec culture, language and news. We have a duty to preserve it and ensure its sustainability."Likewise, Quebecor will be consolidating its various media platforms in a single location on Frontenac Street in Montreal. In Quebec City, the daily Le Journal de Quebec newspaper will be relocated into the local TVA station.
In the latest legacy media meltdown, one of Quebec’s largest media firms, TVA, is slashing more than 500 jobs and centralizing news production as it struggles to stay afloat amid a rapidly changing media landscape.It comes after TVA, which is owned by Quebecor, reported it lost $13 million so far this year, compared to $1.6 million last year due to losses in web advertising and the rising popularity of streaming services.The media giant said it would refocus exclusively on broadcasting and end in-house production of entertainment programming to focus on news and sports while centralizing its news division and selling off real estate holdings..It also blamed the CBC/Radio-Canada for unfairly competing for advertisers in addition to social media sites such as Meta and Google that refuse to pay for linking to its content."The traditional television business model has been disrupted on all sides: shrinking audiences, declining subscriptions, falling advertising revenues, fierce competition and aggressive bidding for entertainment content and sports rights," it said in a news release.The majority of the cuts, about 300 positions, will affect in-house TV production at while another 98 employees will lose their jobs at various stations across the province. Another 149 people will be laid off in other sectors, but more details were not provided..Earlier this year it cut 140 executive positions."The deficit TVA Group is currently running is simply no longer sustainable," Quebecor CEO and acting TVA president Pierre Karl Péladeau said in a news release."We have a responsibility to correct the situation. TVA has historically been an important vehicle for Quebec culture, language and news. We have a duty to preserve it and ensure its sustainability."Likewise, Quebecor will be consolidating its various media platforms in a single location on Frontenac Street in Montreal. In Quebec City, the daily Le Journal de Quebec newspaper will be relocated into the local TVA station.
