Canadian broadcaster CBC to cut 800 jobs

Canada's national public broadcaster Canadian Broadcasting Corp (CBC) will slash as many as 800 jobs in the coming months.

The move is part of CBC's efforts to navigate through the financial crisis as the entity expects a financial shortfall to the tune of 171 million Canadian dollars (about $139 million) in 2009-10 period.

The broadcaster in a statement on Wednesday said the plan includes major cuts to services, programs and people.

These measures are "necessary to bridge a financial shortfall that the Corporation estimates will reach 171 million (Canadian) dollars in 2009-2010. Most notably, the plan calls for a reduction of up to 800 positions (full time equivalents)", the statement noted.

CBC said the downsizing process would commence "right away" and is expected to be complete by end of September 2009.

The broadcaster said the management would continue working closely with the unions to find creative ways of reducing the number of job cuts required to meet budgetary targets.

According to the company, the first step would be the immediate implementation of a targeted Voluntary Retirement Incentive Program, subject to government approval.

In addition, CBC would be making a 10 to 20 per cent cut in executive compensation and also bring down discretionary spending.