BCE Inc., the biggest communications giant in Canada, revealed on Thursday that it will sell 45 radio stations throughout the nation and eliminate 4,800 positions, or 9% of its staff.

The parent company of Bell Media, Bell Canada Enterprises Inc., stated in financial documents that "new music players and alternative streaming services are rapidly replacing traditional radio."

Regulatory clearances are needed before the sale of the several stations—nearly half of its whole holdings—to seven purchasers can proceed.

The corporation announced a more than 20 percent decline in its fourth-quarter earnings to Can$435 million (US$322 million). The widespread job layoffs are part of the greatest personnel restructure in almost three decades.Even yet, revenues increased marginally to Can$6.47 billion.

This is the company's second round of layoffs in less than a year; in June 2023, 1,300 jobs, primarily in management, were eliminated due to dwindling legacy phone income and losses in its radio and news operations.

It also declared back then that its news activities would be consolidated and that nine radio stations would be closed or sold.

Like in other parts of the world, many media outlets are now in extremely difficult financial situations in Canada.

Over the past ten years, hundreds of periodicals have folded in Canada's beleaguered news industry, which has witnessed a flight of advertising money to internet behemoths Google and Meta.

Ene//voice7news.tv