The telco and media giant said it’s cutting nine per cent of its workforce to save $250 million in annual costs, closing 107 The Source electronics stores (in 58 that remain, Best Buy will take over most operations), and selling 45 of its 103 radio stations to seven regional groups. Bell said it hit all its financial targets for 2023, including increasing its free cash flow (though its net earnings were down) and shareholders will receive a 3.1 per cent dividend increase in 2024. (The Logic)

Talking point: Bell blamed “increasingly unsupportive federal government and regulatory decisions, legacy business declines and a macroeconomic environment with higher interest rates and continued inflation” for trouble in parts of its business. Those include a previously announced cut to its capital spending plans after the CRTC reduced the wholesale price infrastructure owners like Bell can charge small competitors for access to their networks. Bell’s shares were down nearly five per cent on the Toronto Stock Exchange on Thursday.