Canal+ has confirmed that it is to reduce its headcount by 492 people as part of a new restructuring operation. The pay TV outfit said that the reduction in staff numbers would be achieved exclusively through voluntary departures and that it had met with employee representatives.
Canal+ said that the initiatives it has undertaken over the last four years to return to growth and cut costs had proved insufficient in the face of a transformation of the sector driven by global digital platforms that were extremely well-financed and “escape the fiscal and regulatory constraints that weigh on Canal+ Group”.
It said there was now a pressing need to create a more digital, agile enterprise to ensure its future and “enable it to pursue its ambition of exporting French and European culture globally”.
Since 2015, the pay TV group has undertaken a number of new initiatives to return to growth, including the revamp of its offers and the launch, for the first time of a bundle available without contractual commitment for €20, the launch of new services such as Canal+ Series, the launch of new partnerships with French ISPs, the deployment of new technology and platforms including set-top boxes and the MyCanal portal and investment programming to the tune of €3 billion a year.
Canal+ will begin its restructuring process on July 15-16.