Canadian News Will Die if Private Networks Disappear, Bell CEO Warns

Bell CEO Warns That Canadian News Could Face Extinction Without Private Networks

April 12, 2024 TruthUSA

Bell Canada’s CEO has expressed concerns about the potential disappearance of Canadian news if private networks in the country fail.

During his testimony at the House of Commons Heritage Committee on April 11, Mirko Bibic mentioned that his company has suffered a loss of over $100 million in television advertising revenues due to the increasing popularity of digital formats.

Bibic was called to answer questions from MPs regarding Bell’s recent layoffs of thousands of employees and the sale of 45 of its regional radio stations. In February, the company announced plans to cut 4,800 jobs and sell 45 radio stations.

He emphasized the importance of maintaining Canadian news sources, highlighting that without a Canadian broadcasting system, there might only be CBC left. Bibic explained the financial impact on Bell, with a $180 million loss in 2023 compared to the previous year, including a $140 million decrease in conventional advertising and a $40 million loss in their news service.

He also pointed out the challenge Bell faces in competing with larger American companies like Disney and Amazon. Despite this, he stressed the need to ensure the survival of Canadian news.

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Mr. Bibic faced criticism from Liberal MP Anju Dhillon, who suggested that Bell seemed to expect special treatment in the industry. Additionally, Liberal MP Taleeb Noormohamed pointed out Bibic’s $13 million earnings in 2023.

Concerns were also raised about Bell’s priorities, as NDP Leader Jagmeet Singh highlighted the company’s dividends to shareholders and buybacks, suggesting that the money could have been used to support workers instead.

Tory MP Rachel Thomas questioned the justification for the layoffs, considering the government assistance Bell has received. She also mentioned the impact of CRTC decisions on Bell’s operations.

Prime Minister Justin Trudeau expressed dissatisfaction with Bell’s actions, calling them a “garbage decision” and emphasizing the importance of prioritizing workers in such situations.

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