Corus Slashes Jobs Across Global BC, Global National, and Talk Radio

Canadian media giant Corus Entertainment has confirmed another round of workforce reductions impacting Global BC, the national flagship newscast Global National, 640 Toronto (CFMJ-AM), and the company’s broader talk radio network (via CTV News).

“As we continue to adapt to the evolving needs of our business, Corus has made a small number of changes in select markets, including roles at Global BC, Global National, News 640 and talk radio,” a Corus spokesperson said in an official statement. “These changes are part of the difficult but necessary work to ensure our teams are structured in a sustainable way, while minimizing disruption to local news and audio delivery.”

The spokesperson added that the company remains committed to supporting its news operations, clarifying that the internal changes do not signal station closures or a total retreat from news coverage. Instead, Corus claims it is attempting to evolve its operating model to deliver news across digital and traditional platforms more efficiently.

Despite those assurances, the announcement marks the latest in a painful sequence of recurring layoffs for the Canadian broadcaster. Just last month, Corus axed roughly 45 unionized positions, primarily affecting Global News operations in Calgary and Edmonton. On-air personalities and behind-the-scenes production talent across several Corus Radio stations were also let go during that July wave.

The massive downsizing comes as Corus battles severe financial headwinds. In its third-quarter financial results, the media company reported a net loss attributable to shareholders of $36.5 million. Consolidated revenue dropped 16% year-over-year to roughly $249 million, driven largely by a steep 20% decline in television advertising revenue.

To manage its heavy debt load, Corus is working through a major recapitalization plan that was approved by the Ontario Superior Court of Justice earlier this year. Under the proposed deal, primary lenders would swap existing debt for equity in a newly restructured parent entity. The restructuring plan remains subject to final regulatory approvals from the CRTC and the Toronto Stock Exchange.

Shares of Corus are now trading at $0.035 per share, and it was up to $25.61 per share in 2013.