Corus is facing huge debt that resulted from its takeover of Global Television in 2016 for $2.65 billion. While the TV and radio stations are profitable, they can't keep up with the massive debt of acquisitions. The result is 800 jobs have been chopped and more and more are coming as they seek a buyer.
In the last week we have seen more radio hosts lose their jobs in places in Alberta and now the bad news is here in Winnipeg. Long time radio hosts Tom Milroy and Julie Buckingham have lost their jobs. In recent years Tom Milroy has been a CJOB weekend host. He has been broadcasting since 1976 and at Corus since 2013. Bucking has been co-host with Richard Cloutier since 2016 on the 4 pm to 7 pm timeslot.
Radio stations go through format changes and live and die by ratings but the debt around Corus means they go through these cuts like some of the other major media groups to pay creditors. Their solution seems to be even more consolidation until, like newspapers, their solution has been to sell to American companies. Winnipeg newspapers being the pleasant surprise.
Radio is very much a corporate affair and radio staff are often canned but it is getting to the point that some stations are likely to close in the next round.
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