The Corus logo at Corus Quay in Toronto is shown on June 22, 2018. Corus Entertainment is making several structural changes to cut costs, including shuttering its 900 CHML radio station in Hamilton after decades on the air. THE CANADIAN PRESS/Tijana Martin
TIJTORONTO - Corus Entertainment is making several structural changes to cut costs, including shuttering its 900 CHML radio station in Hamilton after decades on the air.
In a statement Wednesday evening, communications specialist Anna Arnone said the company is making some "difficult but necessary changes to ensure a sustainable future for Corus."
These changes will also affect some roles at Global News, as the company is applying server-based technology that Arnone said will "enable us to pave the way forward for Global News’ future."
The company did not provide details on how many jobs are being affected or cut.
It has also blamed the regulatory and competitive landscape for the broadcasting industry.
The company previously announced it would cease operating legacy AM radio stations in Edmonton and Vancouver.
"As you can imagine, navigating the closure of a legacy AM radio station is very difficult – CHML has played a significant role in our history and has been deeply cherished by our team and our listeners alike," Arnone said.
Corus is also "redefining the leadership" of its Network News Desk, said Arnone, "in order to continue the momentum of network news content being efficiently created, communicated, and distributed across multiple national and local platforms – including radio."
The embattled media company said Wednesday that the closure follows years of financial losses related to shrinking advertising revenues that have gone to "unregulated foreign platforms."
Last month, Corus reported a third-quarter loss attributable to shareholders of $769.9 million and said it is actively looking to cut costs.
Executives revealed they expect to have slashed one-quarter of the company's full-time workforce by the end of August when compared with the beginning of Corus's 2023 fiscal year.
This report by ºÃÉ«tvwas first published Aug. 14, 2024.
The ºÃÉ«tv Press. All rights reserved.
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