The CBC would consider selling buildings that house its radio and TV stations in a bid to wrangle control over its cash-strapped budget.
Hubert Lacroix, president of CBC/Radio-Canada, said anything could be up for sale if efforts to generate funds elsewhere fail.
Lacroix said the public broadcaster would prefer to raise the $125 million it needs by speeding up payments on previously sold assets.
But failing that, he said the CBC would have to consider unloading some of its real estate—such as CBC/Radio-Canada studios across the country—and leasing them back.
Both scenarios require federal government approval to proceed. Lacroix said the CBC is still awaiting permission but is confident they’ll get it by September.
The past months have seen the beleaguered broadcaster slash jobs and programs in a bid to shave $171 million from its budget amid the economic downturn.
Lacroix said 300 employees have accepted early retirement incentive plans, while 250 people have been laid off.
But there are still serious shortfalls that must be addressed, said Lacroix, noting that the money woes are forcing the broadcaster to take a close look at its assets.
The preferred option would be to speed up payments owed to the public broadcaster for transactions that include the sale of Toronto land, money that is currently set to be doled out in instalments.
“It’s a question of us being owed money over time and accelerating these cashflows,” Lacroix said Tuesday in a telephone interview from Montreal.
“If that doesn’t work, we’re going to have to go to our real estate portfolio,” he continued. “Anything that we own we would then look at probably trying to sell and lease them back.”
Lacroix expects to get government approval in the coming months.
“We’re fairly confident that we’ll be able to do this by September,” he said.
