Quebecor’s media sector will be the subject of a restructuring plan that will result in the elimination of about 240 jobs, the company announced on the sidelines of Groupe TVA’s release of financial results on Thursday.
The job losses are spread across four entities, about 140 at TVA Group and about 100 elsewhere, notably at NumériQ, Quebecor Expertise Médias and Quebecor Content.
Quebecor President and CEO Pierre Karl Péladeau pointed to several reasons for this decision, including competition from “multinational subscription video-on-demand companies like Netflix, Amazon Prime, Disney” and the “equally unjust and unfair.” Competition”. practiced by Société Radio-Canada”.
Mr Péladeau criticizes the state body for engaging in a quota race, which is not part of its mandate and eats up a significant chunk of the advertising pie that could go to private media.
“In light of these circumstances and the long-established lack of regulatory and government intervention, for which we have repeatedly challenged the public authorities, we are compelled to take the appropriate measures to restore the financial situation and ensure the sustainability of the TVA Group, ‘ lamented the leader of Quebecor.
As a solution, Pierre Karl Péladeau called on the federal government to pass its C-18 bill as soon as possible, which aims to force the internet giants to remunerate the media for using their content. He also asked the Canadian Radio-television and Telecommunications Commission (CRTC) to review Radio-Canada’s mandate.
According to Groupe TVA financial results, the organization reported a net loss of $0.3 million in the fourth quarter despite gross income of $171.9 million.
Declining sales were recorded in particular at TVA Sports, TVA Network, in the magazine area and in the area of film and television services.
Quebecor is the second major newspaper group to lay off staff in a matter of weeks because of a drop in advertising revenue. In late January, the Postmedia conglomerate, owners of more than a hundred newspaper titles, including the National Post and the Montreal Gazette, announced plans to downsize 11 percent of its newsrooms nationwide.