Breaking: CBC cuts over 600 jobs

CBC News announced today that the Canadian Broadcasting Corporation will be cutting 657 jobs over the next two years, the result of $130 million in cuts from its budget this year. The cuts also mean that Canada’s national broadcaster will no longer have the resources to compete against private networks for pro sports broadcast rights.

At a town hall meeting with staff today, CBC president and CEO Hubert T. Lacroix attributed the cuts to a $115 million loss in federal funding that came with the 2012 federal budget and a drop in projected revenue resulting from CBC losing Hockey Night in Canada to Rogers. Declining ad revenue and the network’s failure in delivering the coveted 25-54 demographic to advertisers are also responsible.

The network has also announced that they will not be replacing George Stroumboulopoulos Tonight. But really, who could ever replace George Stroumboulopoulos? A pre-faded Hot Topic London Calling shirt stuffed with old leaves and jammed inside a used leather jacket? Not in the budget, friends.