Canada’s Bell to cut 1,300 jobs, close and sell some radio stations

(Reuters) -Canadian media and telecom company Bell said on Wednesday it would cut 1,300 jobs and close six radio stations in a bid to rein in costs as well as sell three AM radio stations controlled by the unit of BCE (NYSE:) Inc.

The jobs cuts, most of which would affect management, add to the tens of thousands of layoffs announced this year by companies from Meta Platforms to Goldman Sachs (NYSE:) as they grapple with a growth slowdown caused by rising interest rates and elevated levels of inflation.

Bell has been struggling to lower costs and boost audience growth as consumers gradually shift to streaming services, which has also led to a pullback in advertising spending.

Operating revenue for the company fell 5.5% to $780 million, mainly due to lower advertising and subscriber revenue in its first quarter.

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