Premier David Eby slammed Bell Media Thursday over the “catastrophic layoffs,” calling the cuts a “crapification of local news”
B.C. Premier David Eby has slammed Bell Media for “catastrophic layoffs” and “sucking the life” out of local news media after the company announced programming cuts affecting CTV News Vancouver and the sale of 45 regional radio stations, including 21 in B.C.
In an internal memo to employees on Thursday, Bell Media said news stations such as CTV and BNN Bloomberg would be affected immediately.
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The company scrapped weekday noon newscasts at CTV News Vancouver, effective Thursday. It is also ending the 6 p.m. and 11 p.m. newscasts in Vancouver on weekends.
It is unclear how many jobs, if any, will be lost at the Vancouver station, which broadcasts out of the old Vancouver Public Library building at Robson and Burrard streets in downtown Vancouver.
The company also announced the sale of 45 of its 103 regional radio stations in B.C., Ontario, Quebec and Atlantic Canada. Of these, 21 are in B.C.
The president of Vista, which bought the 21 B.C. radio stations, said there won’t be closures or layoffs.
Bryan Edwards says the stations have a total of about 80 employees and he believes some are understaffed. He wouldn’t say how much Vista is offering for the radio stations that include broadcasters in Kelowna, Penticton, Fort St. John and Prince Rupert.
Earlier in the day, Bell Media’s parent company BCE Inc. announced it was cutting nine per cent of its workforce.
The company, in an open letter signed by chief executive Mirko Bibic, said 4,800 jobs “at all levels of the company” would be cut. Fewer than 10 per cent of the total job cuts are at Bell Media specifically.
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Some employees have already been notified or were to be informed Thursday of being laid off, while the balance will be told by the spring. Bibic said the company will use vacancies and natural attrition to minimize layoffs as much as possible.
Eby had harsh words for Bell Media during an unrelated press conference in Coquitlam Thursday.
“Bell and corporations like Bell have overseen the assembly of local media assets that are treasures to local communities,” he said. “They bought them up like corporate vampires, they sucked the life out of them, laying off journalists.
“They have overseen the crapification of local news by laying off journalists and now they say it’s no longer economically viable to run these local radio stations. It’s no longer economically viable to have investigative news. They were allowed to do this.”
Eby noted that Bell Media made a profit of almost $3 billion last year and said their “unrestrained corporate greed” is having a profound impact on local communities.
He called it “reprehensible” and “appalling” that Bell has abandoned “any idea of corporate responsibility” by reducing access to reliable impartial local news coverage in an age of “disinformation and social media craziness.”
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“I just want to say shame on you,” he said, calling on the federal government to “stop this assembly of media properties” that allows the gutting of local news outlets that serve as an “indispensable source of information.”
In a post on X, formerly Twitter, B.C. United Leader Kevin Falcon said the cuts are a “devastating blow to journalism in Canada.”
“All governments require strong media scrutiny for accountability and the current trend is deeply troubling. Canadians deserve a robust Fourth Estate. It is vital that we support local journalism in our communities.”
According to a memo signed by Dave Daigle, vice-president of local TV, radio and Bell Media Studios, and Richard Gray, vice-president of news at Bell Media, weekday noon newscasts at all CTV stations are cancelled except in Toronto, and weekend newscasts at all CTV and CTV2 stations, except in Toronto, Montreal and Ottawa, have been scrapped.
Bell is also ending evening programs The Debate, This Hour and Top 3 Tonight on CTV News Channel, which will be replaced by a four-hour news broadcast on weeknights beginning at 6 p.m.
At BNN Bloomberg, weekday daytime programming is “being streamlined” to reduce the number of separate broadcasts.
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Daigle and Gray also said W5 will shift from a stand-alone documentary series to a “multiplatform investigative reporting unit” featured on CTV National News, CTVNews.ca and other news platforms.
The job cuts mark the second major layoff at the media and telecommunications giant since last spring, when six per cent of Bell Media jobs were eliminated and nine radio stations were either shuttered or sold.
In a separate internal memo, Bell Media president Sean Cohan said the company intends to divest 45 radio stations to seven buyers: Vista Radio, Whiteoaks, Durham Radio, My Broadcasting Corp., ZoomerMedia, Arsenal Media and Maritime Broadcasting. The sales are subject to CRTC approval and other closing conditions.
“That’s a significant divestiture. It’s because it’s not a viable business anymore,” said Bell chief legal and regulatory officer Robert Malcolmson in an interview with The Canadian Press.
“We will continue to operate ones that are viable, but this is a business that is going in the wrong direction.”
List of divested Bell Media radio stations in B.C.
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• CHOR, Summerland
• CJAT, Trail, B.C.
• CKKC, Nelson, B.C.
• CKGR, Golden, B.C.
• CKXR, Salmon Arm
• CKCR, Revelstoke
• CJMG, Penticton
• CKOR, Penticton
• CJOR, Osoyoos
• CICF, Vernon
• CHSU, Kelowna
• CILK, Kelowna
• CKFR, Kelowna
• CKNL, Fort St. John
• CHRX, Fort St. John
• CJDC, Dawson Creek
• CKRX, Fort Nelson
• CFTK, Terrace
• CJFW, Terrace
• CHTK, Prince Rupert
• CKTK, Kitimat
— with files from The Canadian Press
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Hallmark launching a streaming service with two new original series, and Bill Skarsgård out for revenge in “Boy Kills World” are some of the new television, films, music and games headed to a device near you.
Also among the streaming offerings worth your time as selected by The Associated Press’ entertainment journalists: Alex Garland’s “Civil War” starring Kirsten Dunst, Natasha Rothwell’s heartfelt comedy for Hulu called “How to Die Alone” and Sylvester Stallone’s second season of “Tulsa King” debuts.
NEW MOVIES TO STREAM SEPT. 9-15
— Alex Garland’s “Civil War” is finally making its debut on MAX on Friday. The film stars Kirsten Dunst as a veteran photojournalist covering a violent war that’s divided America; She reluctantly allows an aspiring photographer, played by Cailee Spaeny, to tag along as she, an editor (Stephen McKinley Henderson) and a reporter (Wagner Moura) make the dangerous journey to Washington, D.C., to interview the president (Nick Offerman), a blustery, rising despot who has given himself a third term, taken to attacking his citizens and shut himself off from the press. In my review, I called it a bellowing and haunting experience; Smart and thought-provoking with great performances. It’s well worth a watch.
— Joey King stars in Netflix’s adaptation of Scott Westerfeld’s “Uglies,” about a future society in which everyone is required to have beautifying cosmetic surgery at age 16. Streaming on Friday, McG directed the film, in which King’s character inadvertently finds herself in the midst of an uprising against the status quo. “Outer Banks” star Chase Stokes plays King’s best friend.
— Bill Skarsgård is out for revenge against the woman (Famke Janssen) who killed his family in “Boy Kills World,” coming to Hulu on Friday. Moritz Mohr directed the ultra-violent film, of which Variety critic Owen Gleiberman wrote: “It’s a depraved vision, yet I got caught up in its kick-ass revenge-horror pizzazz, its disreputable commitment to what it was doing.”
NEW MUSIC TO STREAM SEPT. 9-15
— The year was 2006. Snow Patrol, the Northern Irish-Scottish alternative rock band, released an album, “Eyes Open,” producing the biggest hit of their career: “Chasing Cars.” A lot has happened in the time since — three, soon to be four quality full-length albums, to be exact. On Friday, the band will release “The Forest Is the Path,” their first new album in seven years. Anthemic pop-rock is the name of the game across songs of love and loss, like “All,”“The Beginning” and “This Is the Sound Of Your Voice.”
— For fans of raucous guitar music, Jordan Peele’s 2022 sci-fi thriller, “NOPE,” provided a surprising, if tiny, thrill. One of the leads, Emerald “Em” Haywood portrayed by Keke Palmer, rocks a Jesus Lizard shirt. (Also featured through the film: Rage Against the Machine, Wipers, Mr Bungle, Butthole Surfers and Earth band shirts.) The Austin noise rock band are a less than obvious pick, having been signed to the legendary Touch and Go Records and having stopped releasing new albums in 1998. That changes on Friday the 13th, when “Rack” arrives. And for those curious: The Jesus Lizard’s intensity never went away.
— AP Music Writer Maria Sherman
NEW SHOWS TO STREAM SEPT. 9-15
— Hallmark launched a streaming service called Hallmark+ on Tuesday with two new original series, the scripted drama “The Chicken Sisters” and unscripted series “Celebrations with Lacey Chabert.” If you’re a Hallmark holiday movies fan, you know Chabert. She’s starred in more than 30 of their films and many are holiday themed. Off camera, Chabert has a passion for throwing parties and entertaining. In “Celebrations,” deserving people are surprised with a bash in their honor — planned with Chabert’s help. “The Chicken Sisters” stars Schuyler Fisk, Wendie Malick and Lea Thompson in a show about employees at rival chicken restaurants in a small town. The eight-episode series is based on a novel of the same name.
— Natasha Rothwell of “Insecure” and “The White Lotus” fame created and stars in a new heartfelt comedy for Hulu called “How to Die Alone.” She plays Mel, a broke, go-along-to-get-along, single, airport employee who, after a near-death experience, makes the conscious decision to take risks and pursue her dreams. Rothwell has been working on the series for the past eight years and described it to The AP as “the most vulnerable piece of art I’ve ever put into the world.” Like Mel, Rothwell had to learn to bet on herself to make the show she wanted to make. “In the Venn diagram of me and Mel, there’s significant overlap,” said Rothwell. It premieres Friday on Hulu.
— Shailene Woodley, DeWanda Wise and Betty Gilpin star in a new drama for Starz called “Three Women,” about entrepreneur Sloane, homemaker Lina and student Maggie who are each stepping into their power and making life-changing decisions. They’re interviewed by a writer named Gia (Woodley.) The series is based on a 2019 best-selling book of the same name by Lisa Taddeo. “Three Women” premieres Friday on Starz.
— Sylvester Stallone’s second season of “Tulsa King” debuts Sunday on Paramount+. Stallone plays Dwight Manfredi, a mafia boss who was recently released from prison after serving 25 years. He’s sent to Tulsa to set up a new crime syndicate. The series is created by Taylor Sheridan of “Yellowstone” fame.
NEW VIDEO GAMES TO PLAY
— One thing about the title of Focus Entertainment’s Warhammer 40,000: Space Marine 2 — you know exactly what you’re in for. You are Demetrian Titus, a genetically enhanced brute sent into battle against the Tyranids, an insectoid species with an insatiable craving for human flesh. You have a rocket-powered suit of armor and an arsenal of ridiculous weapons like the “Chainsword,” the “Thunderhammer” and the “Melta Rifle,” so what could go wrong? Besides the squishy single-player mode, there are cooperative missions and six-vs.-six free-for-alls. You can suit up now on PlayStation 5, Xbox X/S or PC.
— Likewise, Wild Bastards isn’t exactly the kind of title that’s going to attract fans of, say, Animal Crossing. It’s another sci-fi shooter, but the protagonists are a gang of 13 varmints — aliens and androids included — who are on the run from the law. Each outlaw has a distinctive set of weapons and special powers: Sarge, for example, is a robot with horse genes, while Billy the Squid is … well, you get the idea. Australian studio Blue Manchu developed the 2019 cult hit Void Bastards, and this Wild-West-in-space spinoff has the same snarky humor and vibrant, neon-drenched cartoon look. Saddle up on PlayStation 5, Xbox X/S, Nintendo Switch or PC.
Former President Donald Trump is on the brink of a significant financial decision that could have far-reaching implications for both his personal wealth and the future of his fledgling social media company, Trump Media & Technology Group (TMTG). As the lockup period on his shares in TMTG, which owns Truth Social, nears its end, Trump could soon be free to sell his substantial stake in the company. However, the potential payday, which makes up a large portion of his net worth, comes with considerable risks for Trump and his supporters.
Trump’s stake in TMTG comprises nearly 59% of the company, amounting to 114,750,000 shares. As of now, this holding is valued at approximately $2.6 billion. These shares are currently under a lockup agreement, a common feature of initial public offerings (IPOs), designed to prevent company insiders from immediately selling their shares and potentially destabilizing the stock. The lockup, which began after TMTG’s merger with a special purpose acquisition company (SPAC), is set to expire on September 25, though it could end earlier if certain conditions are met.
Should Trump decide to sell his shares after the lockup expires, the market could respond in unpredictable ways. The sale of a substantial number of shares by a major stakeholder like Trump could flood the market, potentially driving down the stock price. Daniel Bradley, a finance professor at the University of South Florida, suggests that the market might react negatively to such a large sale, particularly if there aren’t enough buyers to absorb the supply. This could lead to a sharp decline in the stock’s value, impacting both Trump’s personal wealth and the company’s market standing.
Moreover, Trump’s involvement in Truth Social has been a key driver of investor interest. The platform, marketed as a free speech alternative to mainstream social media, has attracted a loyal user base largely due to Trump’s presence. If Trump were to sell his stake, it might signal a lack of confidence in the company, potentially shaking investor confidence and further depressing the stock price.
Trump’s decision is also influenced by his ongoing legal battles, which have already cost him over $100 million in legal fees. Selling his shares could provide a significant financial boost, helping him cover these mounting expenses. However, this move could also have political ramifications, especially as he continues his bid for the Republican nomination in the 2024 presidential race.
Trump Media’s success is closely tied to Trump’s political fortunes. The company’s stock has shown volatility in response to developments in the presidential race, with Trump’s chances of winning having a direct impact on the stock’s value. If Trump sells his stake, it could be interpreted as a lack of confidence in his own political future, potentially undermining both his campaign and the company’s prospects.
Truth Social, the flagship product of TMTG, has faced challenges in generating traffic and advertising revenue, especially compared to established social media giants like X (formerly Twitter) and Facebook. Despite this, the company’s valuation has remained high, fueled by investor speculation on Trump’s political future. If Trump remains in the race and manages to secure the presidency, the value of his shares could increase. Conversely, any missteps on the campaign trail could have the opposite effect, further destabilizing the stock.
As the lockup period comes to an end, Trump faces a critical decision that could shape the future of both his personal finances and Truth Social. Whether he chooses to hold onto his shares or cash out, the outcome will likely have significant consequences for the company, its investors, and Trump’s political aspirations.
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