"I've been told that it is a dead end 615
TORONTO (Reuters) Canada's federal government Ralph Lauren Canada is ready to permit Canadian Broadcasting Corp keep the income from any assets the public broadcaster sells as part of its plan to take care of a growing financial shortfall, the minister said on Thursday.
"The return on the benefits of those sales would go to the CBC," Heritage Minister James Moore told CBC Newsworld in an interview.
His responses suggest that the government may be happy to approve asset sales the CBC undertakes in a bid to manage an estimated C$171 million shortfall to get fiscal 2009 2010.
Additionally, they come just a day after a CBC which receives more than C$1 billion in government funding 12 months announced it would have to reduce 800 jobs and reduce programing around Louis Vuitton Canada its television and stereo networks because of a plunge inside the advertising market.
The CBC said it expects the cost cuts can even include about C$125 million in sales of assets including real estate.
Like other media companies, the CBC is fighting a plunge in advert revenue as the recession Nike Air Max Australia aids marketers to reduce spending.
Apart from government funding, the CBC yields roughly C$600 million a year in revenue from commercial exercises, including about C$340 million by advertising.
The broadcaster has taken on the government for help, but it insists it isn't asking for a higher price. Instead, it has suggested any line of credit or an advance in future funding to deal with the latest crisis.
The Conservative federal government Nike Heels has replied that it is expecting the CBC to cut costs just as its private sector challengers.
"I've been told that it is a dead end,In . CBC CEO Hubert Lacroix said this week of your prospect of government aid. "We've learned publicly that CBC/Radio Canada certainly will not get a dollar more.In .
He has also said that if Ottawa had provided the CBC together with temporary financing to deal with the turmoil, it is possible it could have prevented asset divestitures.
Cost cuts from two private sector Canadian broadcasters, CTV and Canwest Global Marketing communications Corp, have already resulted in hundreds of layoffs. CTV has cut 225 jobs considering the fact that late November, while Canwest has cut 560, including 210 at it has the broadcasting operations.
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