Rogers is making a massive move to lean out its operations, offering voluntary buyout packages to about half of its 25,000 employees.
According to The Globe and Mail, the plan skips over 3,000 MLSE staff but sends a clear signal that the company is looking to trim down its corporate and business teams.
The move is a huge pivot in Canada’s telecom industry, where population growth has stalled and wireless prices keep dropping (blame Freedom Mobile, right?). Rogers spokesperson Zac Carreiro described the buyouts as a way to fix the company’s cost structure while giving people the option to “begin a new chapter.” Not everyone is eligible, though, as union members, on-air talent, and Blue Jays staff are staying put.
The downsizing is also about tackling a massive $34.7 billion debt load. After spending big on the $20-billion Shaw merger and buying out Bell’s stake in MLSE, Rogers is now slamming the brakes, cutting its capital spending by $1.2 billion this year alone, as noted in its recent quarterly earnings.
Rogers isn’t alone in this, as Bell and Telus have been making similar cuts lately. To keep things moving, Rogers has already offloaded a $7-billion stake in its wireless infrastructure and is now hunting for investors to take a minority piece of its sports empire.
Want to see more of our stories on Google?
P.S. Want to keep this site truly independent? Support us by buying us a beer, treating us to a coffee, or shopping through Amazon here. Links in this post are affiliate links, so we earn a tiny commission at no charge to you. Thanks for supporting independent Canadian media!
So now instead of being on hold for 4 hours you can be on hold for 8 hours!