CTV Inc. will lay off some employees, freeze hiring and cut spending to cope with "sharp decreases" in advertising as the television industry braces for a deep slump.
CTVglobemedia Inc. president and CEO Ivan Fecan said in a letter to employees the current financial and economic downturn is "one of the biggest challenges we've ever faced."
Fecan said advertising spending has slumped, and some of the TV network's biggest customers are facing potential bankruptcy.
"After much careful and thoughtful consideration, we have concluded that it is no longer possible to maintain the current 'status quo' of our company's operations," he wrote Tuesday.
He said there will be a hiring freeze across all of CTVglobemedia's television properties, a freeze on travel and entertainment spending and "some layoffs" as departments streamline operations. "New projects (and) unspent capital plans will be revised, delayed or halted," he added.