Bell Media, the world’s biggest cable provider, is reducing the number of employees it employs by more than 200 in North American and European markets, the company said on Monday.
The company’s board announced the move in a statement.
The news follows news last week that the company was looking for a second chief executive officer.
Bell Media said the decision was based on the impact of the Great Recession on its business and financial position.
In January, the board of Bell Media approved a $2.8 billion acquisition of AOL Inc. The deal was aimed at adding online services, such as Netflix, that customers were already paying for, and the AOL deal was expected to generate revenue of $2 billion to $3 billion a year.
However, Bell Media has been struggling to grow in the past few years, with net income dropping more than 50% last year, and it is still struggling to recover from the financial crisis.
The restructuring of Bell is the first of its kind in the company’s history.
Bell’s chief financial officer, James Lefkowitz, said the company would also lay off 10,000 people in Europe, where the company operates a satellite television channel and is developing a sports channel, which will start next year.
Bell said the layoffs would not affect its global workforce, but would affect some regional staff in the U.K., Canada and Australia.