CBC announces 657 jobs cuts

Associated Press

TORONTO — The Canadian Broadcasting Corporation said it is slashing 657 positions over two years to cope with a massive budget shortfall.

CBC News president Hubert Lacroix said Thursday that the cuts to its budget amount to $119 million.

The belt-tightening includes less sports coverage. The network said it will no longer pursue the rights to broadcast professional sports, saying it cannot compete with private rivals that have specialty channels and multiple media platforms.

The CBC recently lost the rights to broadcast the National Hockey League’s live games to Rogers Media.

The broadcaster is also grappling with a softened ad market and a loss of $105 million in federal government funding that was announced in the 2012 federal budget.