Image by boost ventilator via Flickr

CBC staff will learn about their future on March 25 when CBC President Hubert Lacroix will provide “an overview of our financial situation, strategy and the changes to come.”

In his memo to staff, Lacroix told staff to be wary of speculation in the media, saying that “we haven’t and won’t be sharing our plans with the media until after the meetings on March 25 and 26th”.

What Lacroix has already promised is no ads on radio and no more US programming on English-language TV.

Additionally, executive salaries are to be frozen and bonus payouts are cut in half, while a new targeted voluntary retirement scheme will be set up.

The CBC president also added that the board of directors had approved a plan to sell “enough assets to finance our way through this without deeper cuts”.

CBC is facing a budget shortfall of up to a $200 million and likely layoffs of between 600 to 1,200 people across the country.

Commercial broadcasters such as Canwest and CTV are also struggling with a downturn in advertising, with the Harper government considering ways of helping them, possibly through looser regulations and tax changes.

Any assistance would be a lifeline to Canwest, which is teetering on the edge of bankruptcy due to a heavy debt burden.

However, the government has ruled out any financial assistance for the CBC.