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The Canadian network, led by CEO Doug Murphy, has restructured its flagship Global News division in response to “advertising losses, and most recently, COVID-19.”
Corus Entertainment, a major buyer of American series from studio suppliers, has been hit with a round of pandemic-era layoffs at its Global News division.
“The news industry has been challenged by a multitude of factors in recent years, including regulatory restraints, a lack of government support, advertising losses, and most recently, COVID-19. As a result, there have been a number of layoffs across Global News,” Troy Reeb, executive vp of broadcast networks at Corus Entertainment, said in a statement sent to THR.
“Global News extends its gratitude to all outgoing staff members, as we greatly appreciate their many contributions and dedication during their time with our organization,” he added.
Toronto-based Corus, led by CEO Doug Murphy, did not specify the number of jobs lost at its Global News division, which are understood to have taken place across its Canadian market.
Global News is understood to have also eliminated coverage teams for lifestyle and entertainment news to focus on breaking news coverage after a dramatic drop in advertising revenues for Corus and other Canadian TV networks during the coronavirus spread.
On June 26, Corus Entertainment unveiled its third quarter earnings, with advertising revenues falling 31 percent to $207.8 million, compared to a year-earlier $349 million.
On July 22, rival Rogers Communications released its second quarter earnings, and revealed its latest media revenues fell by 50 percent on “lower advertising revenue due to softness in the market and lower sports revenue, including at the Toronto Blue Jays, as no professional sports were played this quarter due to the COVID-19 pandemic.”
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